Impact
WARD / COUNCILMEMBER: City Wide
$ IMPACT:
Title
Approval of the 2021 Employee Insurance providers and plans and authorize the Mayor to execute all related documents
Body
ISSUE AND BACKGROUND:
This item is for the annual selection / renewal of employee benefits. Every fall, the city must re-evaluate and select its insurance advisor/broker, insurance plans and providers for Employee Benefits (medical, prescription drug dental, vision, life, AD&D, short-term and long-term disability, and flex spending plans and COBRA administration).
RECOMMENDATION / REQUESTED ACTION:
Recommendation:
1) Change broker of record to Hutchinson Traylor. Hutchinson Traylor is in a unique position to bring the Veracity Rx pharmacy solution to the City.
2) Renewal of medical insurance with Blue Cross/Blue Shield, keeping the employee contributions and plan design the same for 2021. (Overall increase of $563,550 to the City.)
3) Renewal dental and vision insurance with current provider, Guardian ($0 change to the City).
4) Renewal of Life/AD&D (documents executed in July 2020), Short-term and Long-term disability insurance with MetLife ($0 change to the City).
5) Change from Rx Benefits/Express Scripts to Veracity Rx/Procare Rx. The estimated cost savings based on a review of the City’s current Rx plan is $617,000.
Requested Action: Approval of the 2021 Employee Insurance advisor/broker, carriers, providers and plans and authorize the Mayor to execute all related documents.