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AGENDA ITEM REVIEW FORM |
3.B.
Special Employee Benefit Trust Board Meeting
- Meeting Date:
- 04/13/2022
- Department Head:
- Maria Munoz
- Submitted By:
- Mary Barajas Gutierrez, Human Resources Coordinator, Human Resources Department
ITEM:
Discussion and possible direction to executive advisors or broker/consultant on any and all matters regarding the stop loss quotes from Symetra Financial and other providers. Final quote will not be available until mid to late May 2022. (Susan Posada, Broker and Consultant)
SUMMARY:
Ms. Posada will present the latest on the stop loss statistics and tentative quotes.
There has been a tremendous amount of large claims that have impacted the renewal cost of the Stop Loss Insurance. The estimated increase to the city could be from 12-15%. This is due to claims, increased medical cost, the additional requirements for COVID-19 testing, and vaccines etc.
There has been a tremendous amount of large claims that have impacted the renewal cost of the Stop Loss Insurance. The estimated increase to the city could be from 12-15%. This is due to claims, increased medical cost, the additional requirements for COVID-19 testing, and vaccines etc.
RECOMMENDATION / SUGGESTED MOTION:
Discussion and possible direction to executive advisors or broker/consultant. No action item.
Fiscal Impact
Fiscal Impact:
n/a