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 Of $872,130.00.
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, 2015. 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 seven 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) and Symetra (the City's Stop Loss carrier up until last year when replaced by HM Life Insurance Company). AIG and SunLife declined as they felt they could not be competitive and Berkley failed to respond entirely. While only two of the four 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 cost savings. While HM Life Insurance Company responded with an approximate 15% increase over last year (significantly lower than the other carrier) due to our high claim experience, we are not required to disclose additional information or updated claims information for the renewal as we ...
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