Agenda Item #45
BPS Health Plan Stop-Loss Insurance Renewal for 2015
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:
With no change in deductibles, Sun Life presented the most competitive quote in annual premiums for stop-loss insurance, which would represent a $9308.25 increase in annual premiums. The Sun Life renewal proposal is attached to this agenda item.
Accept the Sun Life Financial bid as described above for 2015 BPS Health Plan stop-loss insurance coverage.
Information - 12/16/2014
Consent after Information1/20/2015
Authority for Action
F.S. 768.28; 1001.42
Involves Expenditure of Funds Directly in the Classroom
Source of Funding
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