01-20-2015 Regular School Board Meeting
Agenda Item #29


Title
BPS Health Plan Stop-Loss Insurance Renewal for 2015

Discussion

BPS' current stop-loss insurance coverage to protect against catastrophic medical/behavioral claims is provided by Sun Life Financial. This coverage design includes a $425,000 specific deductible per individual member and an aggregate deductible of $387,000, for an annual premium paid in 2014 of $489,907.75.

BPS' benefits consultants, Willis of Florida, were requested to conduct a complete analysis of the stop-loss market. Willis requested quotes on a variety of individual deductibles and also premium quotes to include pharmacy again in 2015. The complete Willis analysis is attached to this agenda item.

Four firms responded with competitive bids:

Respondent

Premium Percentage Over Current

Sun Life Financial (incumbent)

1.9

HCC Life

5.1

Munich Reinsurance Group

2.1

Willis Reinsurance

2.0

With no change of deductibles, Sun Life presented the most competitive bid in annual premiums for stop-loss insurance, which would represent a $9808.25 increase in annual premiums. The Sun Life renewal proposal is attached to this agenda item.



Recommendation
Accept the Sun Life Financial bid as described above for 2015 BPS Health Plan stop-loss insurance coverage.

Meeting Date(s)
Consent after Information - 1/20/2015

Authority for Action
F.S. 768.28; 1001.42

Involves Expenditure of Funds Directly in the Classroom
No

Source of Funding
Other Sources

FY
Amount
Budgeted
Fund
Cost Center
Project
Function
Object
Program
14-15499,216.00Yes7xx98500010027500772000

Contact
Susan Standley, Director, Employee Benefits & Special Programs


Attachment:  2015 BPS Stop Loss Report - FINAL.pdf
Attachment:  2015 BPS Stop Loss Marketing Analysis Final 11-25-14.pdf
Attachment:  BPS Analytic Stop Loss Modeler 2015.pdf
Attachment:  Sun Life Renewal Brevard 12 04 2014.pdf