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| December 22, 2020 City Council Meeting | |
| Title 9. Authorize the City Manager to Execute a Contract Renewal for Stop Loss Insurance Services with International Assurance of Tennessee, Inc. for the Estimated Amount of $790,107 (Event No. 8221) | |
| 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 $790,107. 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 1097 members with single coverage and 1110 members with family coverage. The contract reflects an increase of approximately 9% from the prior year. USI Insurance Services, conducted a market assessment and determined this is the most cost-effective plan for the City. | |
| Recommendation Approval | |
| Contact Jeff Grant, Director of Human Resources | |
| Financial Impact Expenditure of $790,107 from the Risk Management Fund | |
| Review Comments | |
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Attachments Exhibit 1: Purchasing Summary - Stop Loss Insurance Services.pdf Exhibit 2: Funding Verification - Stop Loss Insurance Services.pdf |
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