Agenda - 10-09-2007-6e - Laserfiche WebLink

Browse Search

4 $0.25 to $0.29 per $1000 of coverage. Earlier in 2007, staff retained benefits consultant Mark III to identify alternatives to our current vendor. After analyzing the alternatives provided, staff selected MetLife for coverage that will become effective January 1, 2008. MetLife will provide identical term life coverage at a cost of $0.225 per $1,000 of coverage. MetLife will also provide a supplemental benefit for employees wishing to purchase additional insurance. Staff recommends a change in vendor with reduced premiums and the offering of employee paid supplemental coverage. Next Steps • Develop and distribute open enrollment packets early October • Benefits and Wellness Fair Thursday, October 18 • Hold open enrollment period from October 19 through November 2 • Payroll deductions begin December 3 • Coverage effective January 1, 2008 FINANCIAL IMPACT: The 2008 Benefit Recommendations are all within the County budget for 2007-08. The actual health care plan financial impact will depend on the option approved. The County expenditures of the 2007 fully insured health care plan is $6,943,933. The projected rate increase of for health care in the FY 07-08 Budget was14%. The Manager's recommendation will increase the expenditures by 9.7%. Assuming the same employee participation, the County expenditures for 2008 will be $7,618,740 for an increase of $674,807. There are no other financial impacts relating to this recommendation. RECOMMENDATION(S): The Manager recommends that the Board: ® Approve Option I I for the 2008 Employee health care plan that adds the Employee/Child tier, increases the total health care premium by 9.7% and increases the Physician/Specialist copays from $10/20 to $15/$30. ® Approve renewal of employee dental insurance plans with Delta Dental with an effective date of January 1, 2008. • Approve the change of Term Life Insurance vendor from Ft. Dearborn Life to MetLife and the term life insurance rates.