10-29-07 Item 4G, Employee Health Insurance

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~ ~HILLS Request for Council Action Prepared By: Dept.: Council Mtg. Date: Final Action Needed By: Sue Iverson Finance ~- Agenda Item: 4.G. October 29, 2007 _9C!C;beii9;2QQ.7=-- ,-.-". ......... .. --- -Sudg"eted" Amounf-........... "~------- Actual Amount: --- Funding Source: _____ __.... ........ NlA NlA leg~1l~1f~<<[QnTIH~q~j~~liR~Hmlill';;1llill~11flIt____......................______________.__...................___.______________..."......"........_______________...._.................._____________________........................_____________.._..."..........___________________..."........._______________.._......................._____________.._.... iMotion to approve pairing the Co-Pay option with the HSA option and changing our FSA administration from Acclaim to SelectAccounti [effective January 1, 2008. . 'Motion to approve a City contribution for 2008 of $648 per month, per employee. ! Motion to direct staff to have the City's insurance brokers prepare the necessary documents and authorize the City Administrator to sign and! !exe~~~~..c:tI.!"~C)~~~ents. __. ........"."___________............ ..... .....".. ________ ............ ""_____ __._............ _~___________n. ...... ."..".~_"____ _.._._... ... ..."_________ ........".".""________ ..............._______ . !:~~~~~~~=:~~~~~~~::f~!t~:pa-y..oPtion"-aricfi~i"s.A..pian~-chiin.gin"g-o-ur--FSA..~iam-in-istrati.c)"n".from--Acc"j'aim-To--s-eIect'Accoiint~...ai.-(fs-etthl'g.! !the 2008 employer contribution per employee at $648 per month. This will result in an increase of 5.4% for medical coverage to the City eveni Ithough there Was a premium increase of 7%. Furthermore, there will be additional savings resulting froin the FSA administration change. ' X Sue Iverson, 2008 Health Insurance Benefit Options No.: No.: 386 , : l:;11~1l1t:t:llr I~ Recommendation: Recommendation: I Other: ~ELffanir~lli~lfcau:~A~JJi\timf};mlli"~TJ!5imftgSil....."."___________........................"._________..................."..."___________nn__........"..........""__."___________..............."_~______________......."..."".".."_________......"...."."..."____________...............,,"___"__________........"........__________..........."."__"____ i This option keeps the annual increase to the City in 2008 over 2007 at 5.6% even though the premium increases were 7%. Additional ' savings will be made through changing our FSA benefits administration. Future savings may be attained as employees opt to change from the Co-Pay plan to the HSA. None.