ACTION REQUESTED:
TITLE
Communication from the City Manager to Enter into a One-Year CONTRACT with STANDARD SECURITY SERVICES, LLC, to be Effective 1/1/17 through 12/31/17, for Stop Loss Insurance Services for the City's Healthcare Plan.
BODY
BACKGROUND: Each year, the City's Labor/Management Health Care Committee enters into an annual agreement for stop loss insurance for the City's Health Care Plan, normally selected by the City's Third Party Administrator. Stop loss insurance pays any claims for the City's Health Care Plan over the specific amount of $225,000. In 2013, the City's Health Care Consultant firm, Holmes Murphy & Associates, recommended that the City use a system of procuring stop loss insurance, using an IBX auction system online. Stop Loss vendors submitted their proposals online and, in an auction format, also submitted their cost proposals. The City's Health Care Consultant coordinated this RFP process for 2017 as well, reviewed the submitted proposals, and selected the winning vendor based on the rates and ability to provide the required services for the City.
FINANCIAL IMPACT: With approval of this contract, the City will have stop loss insurance in place to receive reimbursement for any claims over $225,000 and help reduce overall health care costs for 2017.
NEIGHBORHOOD CONCERNS: NA
IMPACT IF APPROVED: The City will have stop loss insurance in place to cover any high dollar claims in excess of $225,000 for specific medical and prescription claims.
IMPACT IF DENIED: The City would have to pay all high dollar claims under the Health Care budget.
ALTERNATIVES: None
EEO CERTIFICATION NUMBER: #03248-171231
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL'S 2011 - 2026 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City Government
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Have an efficient government.
DEPARTMENT: Human ...
Click here for full text