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Home My WebLink AboutCity of Tamarac Resolution R-84-181Introduced by: Temp. #3156 n 1 2 3', 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 >1 32 33 34 CITY OF TAMARAC, FLORIDA RESOLUTION NO: A RESOLUTION OF THE CITY OF TAMARAC AWARDING A BID FOR LIFE AND ACCIDENTAL DEATH INSURANCE AND HEALTH INSURANCE - SELF INSURED PLAN FOR THE CITY'S EMPLOYEE GROUP AMID PROVIDING AN EFFECTIVE DATE. BID #84-5 WHEREAS, the City's contract with the Florida Municipal Health Trust Fund expires on June 1, 1984; and WHEREAS, the City requested and received bids for employee coverage subsequent to June 1, 1984; and WHEREAS, these bids have been analyzed by the Finance Department, a copy of which has been provided to the Mayor and City Council. NOW, THMEFIORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF TAMARAC, FLORIDA: SECTION 1: That the City of Tamarac award Life and Accidental Death Insurance to Sun Life of Canada to be administered by Medical Insurance Administrators, Inc. SECTION 2: That the City of Tamarac award a bid for Health Insurance - Self Insured Plan to Medical Insurance Administrators, Inc. SECTION 3: That this Resolution shall become effective immediately upon its final passage. PASSED, ADOPTED AND APPROVED this 13th day of June 1984. ATTEST: ASS ISTANT CITY CLERK ,I HEREBY CERTIFY that I have approved the -form and correct- ness of this RESOLUTION. y RECORD OF COUNCIL VOTE MAYOR. t AVITZ DISTRICT 4: V/M STEIN DISTRICT 3: C/M STELZER 42-e.,a, DISTRICT 2: C/M MUNITZ DISTRICT 1: C/M DUNNE J uu EXCESS RISK PACKAGE DETAILS AND COSTS Individual Insurance Individual Deductible Amount $ 20,000 Percentage of Reimbursement of excess by Sun Life % 100 Deductible Carry-over Provision? ® yes, ❑ no Extension of Benefits Rider included? ❑ yes, ® no Lifetime maximum per cover person $ 1,000,000 Claims basis ® paid & incurred, ❑ paid Actively -at -work provision ® required, ❑ waived Aggregate Insurance Monthly aggregate deductible factor, including a corridor of 2 0 % $ 117 .99 Times, number of covered units X 240 Monthly aggregate deductible $ 28,317. 60 Times 12, equals estimated annual Aggregate Deductible. $ 339,811.20 Claims basis ® paid & incurred, ❑ paid Actively -at -work provision ® required, ❑ waived Maximum reimbursement per individual (N$ 20,000 ❑ waived Maximum reimbursement per policy year $ waived Health Conversion Privilege Employer's monthly premium per employee $ ' 10 Group Life and Accidental Death and Dismemberment Employee Group Life monthly rate per thousand $ .305 Employee Group AD&D monthly rate per thousand $ .045 Dependent Group Life monthly rate per insured family $ N / A Group Life policy to be ❑ participating, E) non -participating Claims and Plan Administered by: Medical Insurance Administrators Estimated Rates and Premiums Monthly Volume or :e Rate Employees Monthly Annual Individual Insurance $7.14 x 240 = $1,713.60 = $20,563.20 a Aggregate Insurance $12,000.00 Health Conversion $ .10 x 240 = $ 24.00 - $ 288.00 Employee Group Life $ .305 x 5,547,500 = $1,691.99 - $20,303.88 N Employee Group AD&D $ .045 x 5,547,500 - $ 249.64 = $ 2,995.68 N 4 This proposal is valid for 60 days. Rates and premiums quoted are estimated, based upon employee census, claims information and the Employee Benefit Plan description submitted to us. Participation of 100% of eligible employees and dependents has been assumed. Final rates and premiums to be charged will be based upon actual enrollment and final data. No insurance coverage is provided by this proposal. SUN LIFE ASSURANCE COMPANY OF CANADA EXCESS RISK PACKAGE DETAILS AND COSTS Individual Insurance 20,000 Individual Deductible Amount $ 100 Percentage of Reimbursement of excess by Sun Life Deductible Carry-over Provision? ® yes, ❑ no Extension of Benefits Rider included? ❑ yes, ® no 1,000,000 Lifetime maximum per cover person $ Claims basis ® paid & incurred, ❑ paid Actively -at -work provision ® required, ❑ waived Aggregate Insurance Monthly aggregate deductible factor, including a corridor of 2 5 % $ 12 2 .90 Times, number of covered units X 240 Monthly aggregate deductible $ 29,496 __ Times 12, equals estimated annual Aggregate Deductible. 353,952 $ Claims basis ® paid & incurred, ❑ paid Actively -at -work provision ® required, ❑ waived Maximum reimbursement per individual ® $ 20,000 ❑ waived Maximum reimbursement per policy year $ waived Health Conversion Privilege Employer's monthly premium per employee .10 $ Group Life and Accidental Death and Dismemberment Employee Group Life monthly rate per thousand $ .305 Employee Group AD&D monthly rate per thousand $ .045 N A Dependent Group Life monthly rate per insured family $ Group Life policy to be ❑ participating, K] non -participating Claims and Plan Administered by: Medical Insurance Administrators Estimated Rates and Premiums Monthly Rate Individual. Insurance $7.14 Aggregate Insurance Health Conversion $ .10 Employee Group Life $ .305 Employee Group AD&D $ .045 Volume or Epees x 240 x 240 x 5,547,500 x 5,547,500. Monthl - $1,713.60 = _ $ 24.00 - - $1,691.99 - $ 249.64 = Annual �J $20,563.20 $ 8,500.00 $ 288.00 $20,303.88 $ 2,995.68 This proposal is valid for 60 days. Rates and premiums quoted are estimated, based upon employee census, claims information and the Employee Benefit Plan description submitted to us. Participation of 100% of eligible employees and dependents has been assumed. Final rates and premiums to be charged will be based upon actual enrollment and final data. No insurance coverage is provided by this proposal. SUN LIFE ASSURANCE COMPANY OF CANADA 1 EXCESS RISK PACKAGE Individual Insurance Individual Deductible Amount Percentage of Reimbursement of excess by Sun Life Deductible Carry-over Provision? ® yes, ❑ no Extension of Benefits Rider included? ❑ yes, ® no Lifetime maximum per cover person Claims basis ® paid & incurred, ❑ paid Actively -at -work provision ® required, ❑ waived Aggregate Insurance Monthly aggregate deductible factor, including a corridor of z 0 % Times, number of covered units Monthly aggregate deductible Times 12, equals estimated annual Aggregate Deductible. DETAILS AND COSTS $ 25,000 100 $ 11000,000 $ 117.99 X 240 $ 28.317.60 $ 339,811.20 Claims basis ® paid & incurred, ❑ paid Actively -at -work provision ® required, 25,000 ❑ waived Maximum reimbursement per individual ®$ ❑ waived Maximum reimbursement per policy year $ w a i v Health Conversion Privilege Employer's monthly premium per employee $ .10 Group Life and Accidental Death and Dismemberment Employee Group Life monthly rate per thousand $ . 305 Employee Group AD&D monthly rate per thousand $ .045 :V / A Dependent Group Life monthly rate per insured family $ Group Life policy to be ❑ participating, K) non -participating Claims and Plan Administered by: Medical Insurance Administrators Estimated Rates and Premiums Monthly Volume or Rate Emplo�►ees Monthl Annual Individual Insurance $5.61 x 240 _ $1,346.40 = $16,156.80 Aggregate Insurance $13,500.00 Health Conversion $ .10. x 240 - $ 24.00 - $ 288.0c Employee Group Life $ .305 x 5,547,5GO a $1,691.99 = $20,303.8t Employee Group AD&D $ .045 x 5,547,500. _ $ 249.64 W $ 2,995.6, This proposal is valid for 60 days. Rates and premiums quoted are estimated, based upon employee census, claims information and the Employee Benefit Plan description submitted to us. Participation of 100% of eligible employees and dependents has been assumed. Final rates and premiums to be charged will be based upon actual enrollment and final data. No insurance coverage is provided by this proposal. SUN LIFE ASSURANCE COMPANY of CANADA EXCESS RISK PACKAGE DETAILS AND COSTS Individual Insurance $ 25, 000 Individual Deductible Amount 166 Percentage of Reimbursement of excess by Sun Life °�° Deductible Carry-over Provision? ® yes, ❑ no Extension of Benefits Rider included? ❑ yes, ® no 1,000,000 Lifetime maximum per cover person $ Claims basis ® paid & incurred, ❑ paid Actively -at -work provision ® required, ❑ waived Aggregate Insurance 2 5 % $ 12 2 .90 Monthly aggregate deductible factor, including a corridor of 240 Times, number of covered units X 29,496 Monthly aggregate deductible $ Times 12, equals estimated annual Aggregate Deductible. $ 353,952 Claims basis ® paid & incurred, ❑ paid Actively -at -work provision ® required, ❑ waived Maximum reimbursement per individual ®$ 2 5. 0 0 0 _❑ waived W a i v e d Maximum reimbursement per policy year $ Health Conversion Privilege 10 Employer's monthly premium per employee . $ Group Life and Accidental Death and Dismemberment 305 Employee Group Life monthly rate per thousand . Employee Group AD&D monthly rate per thousand � .045 N / A Dependent Group Life monthly rate per insured family $ Group Life policy to be ❑ participating, ❑ non -participating Claims and Plan Administered by: Medical Insurance Administrators Estimated Rates and Premiums Monthly volume or ees Manthl Annual Rate Employees R Individual. Insurance $5.61 x 240 - $1,346.40 = $16,156.80 $ 9,500.00 Aggregate Insurance Health Conversion $ .10. x 240 = $ 24.00 = $ 288.00 Employee Group Life $ .305 x 5,547,50.0 = $1,691.99 = $20,303.8a Employee Group AD&D $ .045 x 5,547,500. _ $ 249.64 = $ 2,995.6f This proposal is valid for 60 days. Rates and premiums quoted are estimated, based upon employee censu claims information and the Employee Benefit Plan description submitted to us. Participation of 100% eligible employees and dependents has been assumed. Final rates and premiums to be charged will based upon actual enrollment and final data. No insurance coverage is provided by this proposal. SUN LIFE ASSURANCE COMPANY OF CANADA r PREMIUM CALCULATIONS FOR GROUP HEALTH AND LIFE PROGRAMS FULLY INSURED X SELF -INSURED T (1) Employee $ $ Dependent $-------- $ OR ` * One (1) Dependent $ ----- $ * Two (2) or More Dependents $ .�...— $ (2) $ _21,000 - Single $ 5.61 er employee/per month Dependent $ _N/A_ Family $ NIA (3) AGGREGATE EXCESE $ N/A _ Single $ 13,500 annually Dependent $ Family $ - ( 4 ) CONVERSION $ Single $ _ .10/per employee/per month Dependent $ Family $ (5) GROUP LIFE AND-AW Employee Life per $1,000 (5,547,500) $ - .30� S AD D per $1,000 (5,547,500) $ -045- $ 24Q Ad * OPTION Recommended funding rates (this funds to maximum costs) Employee $ 59.96 Dependent $134.42 -22- r TYPE OF COVERAGE: SPECIFIC EXCESS $201000 Single $ 7.I4/ er employee/per month Dependent Family AGGREGATE EXCESS Single $12,000 annually Dependent $ Family $ -23- j TYPE OP COVERAGE: SPECIFIC EXCESS $15,000 Single Dependent Family AGGREGATE EXCESS $ Single Dependent Family -23- $ 10.45/per employee/per month $ N/A $ N/A $12,000 annually