Impact
WARD / COUNCILMEMBER: Ward / Citywide
$ IMPACT: $169,486.19
Title
Approval of the recommended 2023 employee benefits insurance plans, providers and plan designs as recommended by Insurance Broker, John Knop of Oakbridge Insurance and staff and authorize the Mayor to sign and execute all related documents.
Ward / Citywide
Body
ISSUE AND BACKGROUND:
This item is for the annual review and renewal of employee benefits. Every fall, with assistance from our broker, the city re-evaluates and selects its insurance plans, providers and plan designs for Employee Benefits as outlined below:
Medical, Rx, Stop Loss -
• Medical insurance plan and claims administration - Move to Allied, a third-party administrator, while keeping the employee contributions the same.
o Utilize the Aetna Signature Administrators (ASA) PPO network.
o Keep overall plan designs the same. Eliminate redundant HMO High plan. Offer 3 plan options-High, Middle, Low (HDHP).
• Stop Loss - Move to Pareto/HHS
• Total annual maximum increase 1.93% or $169,486.19
• Rx - Renew with ProCare, ElectRx and Veracity - no change
Dental - Renew with Guardian - 6% increase to employees - this is 100% employee paid.
Vision - Renew with Guardian - no change
Basic Life and AD&D, voluntary life, and short-term and long-term disability - Renew with Guardian - no change
Health Savings Accounts - Renew with Health Equity - no change
Flexible Spending Accounts and COBRA Administration - Renew with Discovery
Benefits/WEX - no change
RECOMMENDATION / REQUESTED ACTION: Human Resources and Finance staff recommend approval of the recommended 2023 employee benefits insurance plans, providers and plan designs as recommended by Insurance Broker, John Knop of Oakbridge Insurance and staff and authorize the Mayor to sign and execute all related documents.