Title
A Resolution To Approve A Contract For The City's Reinsurance/Stop Loss Renewal
Summary
Description of Topic: (who, what, where, when, why and how much)
The City received quotes for reinsurance/stop loss coverage on health care claims, and Symetra has provided the best quote, as shown on the attached quote comparison. The recommendation is to accept the contract with Symetra effective September 1, 2024.
Budgetary Impact: N/A
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.**Request to Transfer Departmental Budget Dollars form must be attached**
____ Not budgeted requiring increase to account #___________ in the amount of $____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital - Departmental **Capital Purchase Worksheet form must be attached**
____ Budgeted under account #______________ for $_________ and described in budget as ________________________. Additional amount needed, if any: Increase in budget of $_________ OR, transfer of $________ from Account #____________ to Account #_____________**Request to Increase OR Request toTransfer Departmental Budget Dollars form must be attached**
____ Not Budgeted - account #____________ requires budget increase of $_____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital Project - **If requesting to start a project, a Capital Project Worksheet form must be attached**
In current year Capital Projects Plan:
_____ Yes, described as __________________________, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________.
_____ No, requesting an increase of $___________ to an already approved project titled ________________________ that is being tracked under Account No. ___________________.
Body
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: The City elects to accept the Proposal from Symetra (attached) to administer the Blue Cross Blue Shield of Alabama health insurance as a self-funded plan with reinsurance for claims over $125,000 with no changes to the health plan other than those federally mandated by the Patient Protection and Affordable Care Act (Health Care Reform).
SECTION 2: No budget adjustment is needed or being requested for this action.
SECTION 3: This Resolution shall become effective immediately upon its adoption as required by law.