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 Jeff Lyash Chairman/ President/CEO Progress Energy Florida |
Healthcare Costs
Rising healthcare costs continue to impact companies across the country. To counter that, Progress Energy developed a strategy for healthcare benefits, and we have begun to slow the growth in healthcare costs. For 2007, employee contributions toward the cost of medical coverage will not increase.
Progress Energy is committed to offering competitive medical plan options that give employees choices about deductibles, co-payments and premiums. We are committed to offering a competitive, flexible and high-quality benefits program that is affordable to employees, retirees and the company. Employees bear 25% to 30% of premiums, with the company covering the balance.
Overall costs are expected to rise between 5% and 10% in 2007. For 2007, Progress Energy introduced a high-deductible health plan that allows employees to establish an optional health savings account to save for long-term medical expenses. We also extended eligibility for benefits to domestic partners of employees and retirees.
