SUBJECT:
title
Approval of a resolution authorizing the President & CEO, or her designee, to finalize a contract for the purchase of Medical Stop Loss Insurance for claims above $225,000 from Voya Employee Benefits for one (1) year in an amount not to exceed $857,561.
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FISCAL IMPACT:
Funding for this action is in the proposed FY2025 Operating Budget.
STRATEGIC PLAN:
Strategic Goal Alignment:
? 1. Customer ? 2. Community
? 3. Workforce ? 4. Organizational Effectiveness
Strategic Objectives:
? 1.1 Safe & Reliable Service ?1.2 High Quality Customer Experience ? 1.3 Accessible System
? 2.1 Support Sustainable Regional Growth ? 2.2 Become a Carbon Neutral Agency
? 2.3 Responsive to Community and Customer Needs ? 2.4 Regional Leader in Transit Planning
? 3.1 Diversity of Staff ? 3.2 Employer of Choice ? 3.3 Expand Highly Skilled Workforce
? 4.1 Fiscally Responsible and Transparent ? 4.2 Culture of Safety ? 4.3 State of Good Repair
EXPLANATION OF STRATEGIC ALIGNMENT: Purchase of stop loss insurance for high-cost health claims supports fiscal responsibility by mitigating CapMetro's risk if employees or family members covered by CapMetro's self-insured health care plan experience annual claim costs exceeding $225,000 annually.
BUSINESS CASE: Each year CapMetro works with Gallagher Benefits Services to assess the level of stop loss insurance recommended based on our large claims history. Gallagher then works with the insurance market to obtain quotes for the recommended stop-loss insurance. For Calendar Year 2025, CapMetro recommends increasing the stop loss limit from $200,000 to $225,000, based on the analysis of large claims history compared to the cost of stop loss insurance.
COMMITTEE RECOMMENDATION: The item was presented and recommended for approval by the Finance, Audit and Administration Committee o...
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