|
VAT, . Consent
<br /> Cr M
<br /> INDIAN RIVER COUNTY
<br /> MEMORANDUM
<br /> TO: Joseph Baird
<br /> County Administrator
<br /> FROM: Jason E. Brown, CGFO
<br /> Director—Office of Managem nt&Budget
<br /> DATE: September 15, 2015
<br /> SUBJECT: Authorize County Administrator to Execute an Agreement with Florida Blue for the
<br /> County's Excess Loss/Reinsurance Policy
<br /> Staff seeks approval for the County Administrator to execute an agreement with Florida Blue for the
<br /> County's Excess Loss/Reinsurance Policy for the 2015/2016 plan year at the September 22, 2015
<br /> regular meeting of the Board of County Commissioners.
<br /> Excess Loss/Reinsurance Program
<br /> Although the County is self-insured in its Group Medical Insurance Program, we carry a policy that
<br /> reimburses the County for claims that exceed a specific limit. In the industry, these policies are known
<br /> as Stop Loss Policies, Excess Loss Policies, or Reinsurance Policies. The County currently uses Sun
<br /> Life Insurance as the reinsurance carrier. The County's insurance broker (Gehring Group) has solicited
<br /> and received quotes from the County's current stop-loss carrier (Sun Life), as well as Florida Blue
<br /> (administered by HM Life), and Symetra for the 2015/16 plan year. The table below summarizes the six
<br /> (6)renewal proposals received for the 2015/2016 plan year.
<br /> Aggregate Increase
<br /> Specific Spec. Annual Fixed (Dec.) from % Increase
<br /> O tion Insurer Deductible Deductible Premium CurrentDecrease
<br /> �
<br /> _
<br /> Renewal Sun Life $275,000 $148,750 $645,120 $178,176 38.2%
<br /> Option 1 Sun Life $300,000 $148,750 $568,320 $101,376 21.7%
<br /> .v�ai:�.�i=`'.-�.?`.�; ..t;7:4°:"��,t" i.!`-y •�l:• "2:".`:3••``.4,..' 1 C'yY<ti' .:S`� moi'-�-•'•�4 t':.:,1.�y;2•
<br /> tionf2':t;' ?FlondarBlii�
<br /> ��
<br /> 1.�:�..;_�.,.:tee 'S.>� ?,�.��.� ....�.:�• :-$ 8�750=�_ :. 59 � .,;� '$36�09.6�'> 7 ^Io
<br /> r..;�o-"; .K_, a�t _- — _ .r..i's-•✓fir'::.sT.a:•tie'�,c?f-:!=F=.::_-�.�iYks=�?}u.:f?•:Cn'=',.s,•
<br /> ':i•;ie{: `.�v.: „'y:= .E" ``u""-`7'i-:d.'t is-^.:;�.t., :.d`NCf:fi:a-r:.y.'?::5. -- - -- - _ 'i-�r:i,:'l,�Y...
<br /> �=�p4rr• - Florida,�B�l'uer'. -t:�.$3000_OO. �t :$1r,48�7h50;� `��,•��,_ •� .,t^,. �. 'ti_ o
<br /> = >x.._-,,.-�_. - - -,.,,.�,-. iri ;•�•�-YE�E.- -."•..: .=s. .-$451„008-' y;r�($'l�5„936);; ;.:.':�"=3:'_4:/0
<br /> ' "`• v:-vxG,,,.rv:ct'-:.j:% ?.�x -.iii:•., .s _v:•:. iL;re!::.
<br /> Option 4 Symetra $275,000 $148,750 $720,768 $253,824 54.4%
<br /> Option 5 Symetra $300,000 $148,750 $633,408 $166,464
<br /> 52
<br />
|