TO: Board of Supervisors
FROM: Human Resources
MEETING DATE: February 23, 2021
DEPARTMENT CONTACT:
William Schurtz
PHONE:
234-6600
DEPARTMENT CONTACT:
Cherie Johnson
PHONE:
234-6600
ITEM TYPE: Consent Agenda
TIME ALLOCATED FOR ITEM: N/A
AGENDA TITLE:
title
Approval of Retroactive Agreement with Coefficient Insurance Company (Coefficient) to Provide a Stop Loss Reinsurance Policy Which Includes Specific Excess Loss and Aggregate Excess Loss Insurance Coverage for the County's Self-Funded Health Plan, in the Estimated Amount of $1,496,556, for the Period of January 1, 2021 through December 31, 2021
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RECOMMENDED ACTION/MOTION:
recommendation
Approval of Retroactive Agreement with Coefficient to Provide a Stop Loss Reinsurance Policy Which Includes Specific Excess Loss and Aggregate Excess Loss Insurance Coverage for the County's Self-Funded Health Plan, in the Estimated Amount of $1,496,556, for the Period of January 1, 2021 through December 31, 2021; authorize the Human Resources Director, upon completion of a marketing analysis each year, to approve future annual stop loss renewals with Coefficient that do not exceed an annual 10% increase over the 2021 rates; and authorize Chair to sign same.
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PREVIOUS BOARD/BOARD COMMITTEE ACTIONS:
Each year, Keenan & Associates (Keenan), the County's consultant to the self-funded health plan, markets the stop-loss re-insurance coverage on behalf of the County. Re-insurance protects the County on any claim over the attachment point. Specific stop-loss provides protection against catastrophic or unpredictable losses above the $250,000 individual deductible. For any individual claim exceeding the $250,000 deductible, the re-insurance company pays 100% of the remaining claim.
Only two proposals were received and the most cost effective was chosen. Coefficient is the selected stop-loss provider. Coefficient recently purchased General Fidelity Life Insurance Company and the policy do...
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