Agenda Item #27
2012 Healthcare Trust Stop-Loss Renewal
Brevard Public Schools purchases stop-loss insurance coverage for the self-funded group health plan to limit the financial exposure for any individual member incurring a catastrophic claim. The Specific Deductible for expiring plan year 2011 is $375,000 per individual, with an additional one-time annual deductible (Advantage Deductible) of $350,000.
The current stop-loss insurance coverage is provided through Symetra Financial. A renewal quote for the existing coverage was provided with a 0% rate increase. However, based on the size of our population, and after analyzing the improvement in our very large claimant activity, we are recommending an increase to the Specific and Advantage Deductibles and thus a decrease to our premium cost.
Based on our analysis, we believe the District has the potential to save money by taking additional risk on the claims. The following represents the number of claimants over $375,000 for the past four (4) plan years:
Renew the stop-loss coverage with Symetra Financial effective January 1, 2012 as follows:
*If there are no claimants over $400,000, then the maximum premium is $763,351.
Information - 12/13/2011
Consent after Information1/24/2012
Authority for Action
F.S. 768.28; 1001.42
Involves Expenditure of Funds Directly in the Classroom
Source of Funding
Susan Standley, Director of Compensation and Benefits, ext. 216