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2008_1020_packet
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2008_1020_packet
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ones and a $,10per month increase to families based on usage. No change in coverage was <br />made to the plan. <br />Long Term Disabili <br />The City's current provider Assurant has one more year in the contract which provides for no <br />increases in rates for 2009. No change in coverage was made to the plan. However, the City <br />has been offer a City consortium rate with our current life insurance provider (Standard) <br />which offers an annual rate decrease allowing for approximately $,3,000 in savings for each <br />of the next three years. The Benefit's Committee recommends moving forward with this <br />three year commitment through 2011. <br />Life Renewal: <br />The City was also offered a City consortium rate with our life insurance using our current <br />provider (Standard) which offers a rate hold on both the basic and the voluntary lines for <br />each of the next three years. The Benefit's Committee recommends moving forward with <br />this three year commitment through 2011. <br />Financial Impact: <br />The City has a proposed healthcare budget for 2009 which would cover 10% of the premium increase. <br />This amounts to approximately $,119,100 over the 2008 budget. This funding is adequate to support <br />the needs after the plan design changes. <br />Long Term disability insurance will have a $,3,000 savings, and Dental and Life insurance <br />will have no additional financial impact to the City for 2009. <br />Council Action Reauested:. <br />Staff seeks a Council Motion approving the 2009 insurance programs and fund allocation as <br />described above with the respective contracts (subject to review and approval by the City <br />I <br />Attorney). <br />Attachments.- A. Comparison of HRA and HST. Plans <br />B. 2009 Medical Renewal Rates <br />Prepared by.- Dona Bacol <br />ME <br />
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