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Motion to Award Annual Contract for Voluntary Dental and Vision Insurance Coverage to Metropolitan Life Insurance Company (Event No. 5341)
Recommend awarding an annual contract to Metropolitan Life Insurance Company to provide voluntary employee dental and vision insurance in the estimated amount of $1,563,528.00. The annual premium will be paid by those employees who are enrolled in the insurance coverage. There is no cost to the City.
The City of Savannah makes available to its eligible employees and family members access to voluntary dental and vision insurance coverage. The estimated annual premium is to be paid by those employees who are enrolled in the insurance coverage.
The rates are based on 500 enrollees per each plan option and coverage level. Commissions to an insurance broker are optional and were excluded if there could be no broker relationship. After excluding commissions where there could be no broker relationship, Metropolitan Life Insurance Company’s bid for providing both dental and vision insurance is the lowest overall bid, with price guarantees on dental rates for two years and vision rates for three years.
This contract will be from January 1, 2018 through December 31, 2018.
Approval
Vivian Gharakhani, Benefits Administrator
There is no cost to the City for this service. The estimated annual premium of $1,563,528.00 will be paid by those employees who are enrolled in the insurance coverage.
Dental Vision Insurance Funding Verification.pdf
Dental Vision Purchasing Summary.pdf
Dental Vision Scope.pdf
