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| December 19, 2019 City Council Regular Meeting | |
| Title 57. Motion to Authorize the City Manager to Execute a Contract with International Assurance of Tennessee, Inc. for Medical and Pharmacy Stop Loss Insurance in the Amount of $716,797 (Event No. 7561) | |
| Strategic Priority Good Government | |
| Description Recommend approval to renew an annual contract for medical and pharmacy stop loss insurance with International Assurance of Tennessee, Inc. in the estimated amount of $716,797. This contract is used by the City of Savannah to provide for catastrophic claims reinsurance coverage for the City’s self-funded medical and pharmacy plans. The premium coverage is calculated based on member enrollment in the City’s self-funded medical and pharmacy plans. Member enrollment is estimated to be 1096 members with single coverage and 1092 members with family coverage. The contract reflects an increase of approximately 13.76% from the prior year. The City’s current benefits consultant, USI Insurance Services, conducted a market assessment and determined this is the most cost effective plan. The contract term shall be January 1, 2020 through December 31, 2020. | |
| Recommendation Approval | |
| Contact Jeff Grant, Human Resources Director | |
| Financial Impact Expenditure of $716,797 from the Risk Management Fund | |
| Review Comments | |
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Attachments Exhibit 1: Purchasing Summary - Stop Loss.pdf Exhibit 2: Funding Verification - Stop Loss.pdf |
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