COUNCIL AGENDA ITEM
SUBJECT:
title
Fully Insured lines of coverage Insurance Premiums for Calendar Year January 1, 2024 - December 31, 2024
body
DEPARTMENT:
Human Resources
SUMMARY:
Our Agent of Record solicited all lines of health insurance coverages.
Health Insurance/HMO Florida Health Care $1,441,938
Health Insurance/POS Florida Health Care $28,753
Health Insurance/HSA Florida Health Care $1,327,420
Dental Insurance Principal $108,698
Life Insurance Mutual of Omaha $20,276
Long Term Disability Mutual of Omaha $34,810
The renewal for Health Insurance was negotiated at a 7% rate increase.
Dental coverage was negotiated at a 3% rate increase.
Long Term Disability coverage was negotiated at a 10% rate increase.
The Group Life and AD&D coverage was negotiated flat at our current rate.
BUDGETED ITEM: ☒ Yes ☐ No ☐ Not Applicable
BUDGET AMENDMENT REQUIRED: ☐ Yes ☒ No ☐ Not Applicable
RECOMMENDED ACTION:
Motion to approve the Calendar Year January 1, 2024 - December 31, 2024 Fully Insured Health Insurance Premiums in the amount of $2,961,895 and authorize City Manager to bind coverage with Florida Health Care, Principal and Mutual of Omaha.