Placement: Consent Agenda
Action Requested: Motion / Vote
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Approve Stop Loss Insurance Policy with Symetra Life Insurance Company for FY 2023/2024
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Submitted By: Kimberly Sala, Deputy Director, Human Resources
Strategic Plan Link: The City's Goal of a high-performing city government organization.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Kimberly Sala, J.D., SHRM-CP, Human Resources
2. Parties: City of Port St. Lucie and Symetra Life Insurance Company
3. Purpose: To provide Stop Loss Insurance for medical claims.
4. New/Renewal/Modified: Renewal
5. Duration: 1 year
6. Benefits to Port St. Lucie: To provide protection to the City for medical claims that exceed the threshold of $500,000.00 per claimant.
7. Cost to Port St. Lucie (Annual and Potential): The estimated expenditure for FY 23/24 is $1,422,416.
Presentation Information: Staff and Gehring Group are available to answer any questions the Council might have.
Staff Recommendation: Move that the Council waive the provisions of the City's Procurement Code requiring competitive bidding pursuant to Section 35.04(c), and approve the stop loss insurance policy with Symetra Life Insurance Company conditioned on the final policy reflecting the same language of the 2021 policy, with the exception of the coverage and premium rate.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the stop loss insurance policy with Symetra Life Insurance Company.
2. Move that the Council provide staff direction.
Background: Stop loss insurance is a component of the City's self-funded health insurance program and it provides protection to the City from the financial risk of unpredictable high costs and/or high volume claims filed under the plan. Stop loss coverage protects against claims that could compromise the City's financial health. The City first engaged the services of Symetra in 2003 to provide stop loss insurance and retained them through the compet...
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