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18.
Regular City Council
Meeting Date:
02/26/2024
Initiator:
Maggie Eaton, Human Resources Director
Department:
Personnel
Staff Information Source:
Information
AGENDA ITEM TITLE:
Consider approval of Resolution No. 2932 approving and authorizing execution of the Blue Cross Blue Shield Benefit Program Application and required addendums, Blue Cross Blue Shield Exhibit to the Stop Loss Coverage Policy, Prime Therapeutics Required Documents, and all other required documents, all to become effective on May 1, 2024, and authorizing the City Manager, or designee, to execute all necessary documents for renewal and implementation purposes, or take other necessary action. (Maggie Eaton)
BACKGROUND:
Each year, the City of Muskogee Health Insurance Committee diligently reviews renewal options for the insurance plan. The Committee carefully considers and evaluates each option to insure the selection made is most beneficial for the Health Fund and more importantly to the employees. The committee has selected a renewal they feel is the best option for the 2024-2025 plan year. This renewal has the following changes:
We are increasing our Specific Stop Loss or Specific Deductible from $100,000 to $125,000. This allows for Stop Loss premiums to drop significantly, by just over $100,000.
The selected renewal increases funding by the following:
For the employees who elect to cover their dependents on the City’s health fund, they will see a slight increase. The tier, spouse and two or more dependents, will see the largest increase of $23.39 per paycheck. As a reminder, this is a pretax deduction which is a net increase of approximately $19.00 per paycheck. Again, this does not have any impact on employee coverage. The City still covers the employee at 100% and even subsidizes part of the dependent cost.
The City’s bi-weekly contribution will increase by $39.97, resulting in an overall yearly cost increase for the City of approximately $439,500.
The cost of healthcare is always rising and our broker, Alliant, is constantly looking for the best, most cost-efficient options for our employees. That being said, our Colonial Critical Illness policy will be upgraded with zero additional cost. All other benefits will remain the same and no cost changes to Dental, Vision, Life Insurance or any other Colonial policies.
As a reminder, the quotes we get are only good for 30 days. If this expires, and we have to get a new quote, any potential new claims could cause the prices to increase.
The Health Committee approved the renewal discussed 4 to 1.
RECOMMENDED ACTION:
Approve Resolution No. 2932.
Fiscal Impact
Attachments
Resolution 2932
Colonial Policy Upgrade
Stop Loss Proposal
Zero Card Renewal
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