Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Accept A One-Year Policy Between Florida Blue, Administered By HM Life Insurance Company And The City Of Hollywood For Stop Loss Insurance Coverage For An Estimated Premium Amount Not To Exceed 110% of $898,761.00.
Body
Staff Recommends: Approval of the attached Resolution
Explanation:
The Office of Human Resources desires to enter into a one-year contract with a stop loss insurance carrier beginning January 1, 2016. Ascension Benefits & Insurance Solutions was competitively procured by the City to act as the City's agent of record to solicit Stop Loss Insurance quotes on the City's behalf. Ascension Benefits & Insurance Solutions has solicited stop loss quotes from six different stop loss carriers, including our incumbent. Ascension Benefits & Insurance Solutions has completed a market analysis of all stop loss proposals received on behalf of the City's self-funded medical plan.
In addition to a renewal offer from our incumbent HM Life Insurance Company, quotes were received from Optum (part of the UHC family of companies), Voya (formerly ING) AIG, Berkley and Symetra (the City's Stop Loss carrier up until two years ago when replaced by HM Life Insurance Company). While three of the six quotes received were lower than our incumbent provider's quote, they are non-captive carriers and do not work simultaneously with Florida Blue our health claims administrator which would require the City to hire an additional vendor to file all stop claims received reducing any potential cost savings. Also, while Voya/ ING and AIG's quotes were the lowest, they are also subject to disclosure and claims review with potential laser liabilities. HM Life Insurance Company responded with a minimal (less than one percent) increase over last year. (Significantly lower than Symetra and Optum). Sun Life declined to quote.
HM Life Insurance ...
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