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Employee Health Insurance Renewal FY2021
History
Village brokers at the Horton Group, completed a market analysis and provided final recommendations for the January 1, 2021 renewal of Village Employee Health Insurance benefit programs to include:
· Medical/Rx/Dental/Vision
· Life and AD&D/Short Term Disability
· Flexible Spending Account (FSA)
· Employee Assistance Program (EAP)
· Virgin Health Miles/CHC Biometric Screenings (Wellness Initiatives)
· Employee Assistance Program (EAN)
· Liability
The overall plan ran well. As a result, the claims projection was favorable and when adding the fixed costs and eliminating the ACA reserve this year. In addition, Brokers sought and received $130,000 wellness credit that the Village can use in the health fund without restriction. The plans total increase is $45,610 or .91%. Other reinsurance carriers were compared, as well as another carrier UMR from United Healthcare. Brokers also compared fully insured rates to see if that would temper the market better due to unknowns of COVID-19 and the increasing high cost claimant market. End result shows fixed costs for the year 2021 will increase 15.94% due to number of large claimants (original ask was 37.87%), for a dollar amount increase of $136,538.
No change is recommended to the following carriers associated with each benefit offering, effective January 1, 2021:
· BlueCross BlueShield of Illinois (Medical/Rx)
· Delta Dental of Illinois (Dental)
· Eye Med (Vision)
· Dearborn National (Life/AD&D, STD)
· Discovery Benefits (Flexible Spending Account and COBRA Administration)
· Metropolitan Family Services (Employee Assistance Program)
· Virgin Pulse (Pedometer and Rewards Program - Wellness Initiative)
· CHC (Biometric Screenings - Wellness Initiative)
Attached is a summary of the renewal.
Highlights:
The Village Medical/Rx plan is partially self-funded and administered by an insurance carrier to provide the appropriate medical networks and administr...
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