Agenda Item #26
2009 Stop Loss Renewal
The School Board of Brevard County, Florida, purchases Stop Loss Insurance for the self-funded group health plan to protect against any individual catastrophic claim. The claims loss ratio for our stop loss insurer over the past two years has been 147 percent and 172 percent, respectively. This recommendation is based on our desire to maintain the lowest premium possible while providing adequate protection for the health plan.
The current contract and recommended renewal specifications are as follows:
1. Contract type (claims incurred/paid period)
2. Specific Deductible (per individual)
3. Advantage Deductible*:
Single Monthly: 4,928 6.45 6.48
Percent Increase: 4
*Additional deductible paid by one or more individuals with paid claims exceeding the Specific Deductible before any reimbursement is due. If there are no claims that exceed the Specific Deductible, this amount stays in the self-funded health trust.
**The renewal amount noted is for the calendar year.
***The amount noted in the funding source is for the fiscal year. One half of the amount is taken from 2008 and one half is taken from 2009.
Approve the renewal for specific Stop Loss Insurance with Symetra Life Insurance Company effective January 1, 2009.
Information - 12/9/2008
Consent after Information1/20/2009
Authority for Action
F.S. 768.28; 1001.42
Involves Expenditure of Funds Directly in the Classroom
Source of Funding
Susan G. Standley, extension 216