This is for contract modification no. 1 and renewal for Medical and Pharmacy Stop Loss Insurance Service with International Assurance of Tennessee, Inc. in the amount of $884,082. The cost for coverage for FY24 monthly rates is the following: $22.45/single coverage monthly rate and $50.97/family coverage monthly rate. The 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 1,100 members with single coverage and 1,000 members with family coverage. The contract reflects an increase of approximately 7.5% from the prior year. The City’s current benefits consultant, USI Insurance Services, conducted a market assessment of multiple vendors and determined this is the most competitive and cost-effective plan.

This contract was originally approved by Council on December 19, 2019 in the amount of $716,797. This contract will be from January 1, 2024 through December 31, 2024.

Approval