Sarasota County Schools
Agenda Item #33
Title
APPROVAL OF CALENDAR YEAR 2013 GROUP BASIC & VOLUNTARY LIFE INSURANCE RENEWAL WITH HARTFORD; GROUP VISION INSURANCE RENEWAL WITH HUMANA; AND FLEXIBLE SPENDING ACCOUNTS ADMINISTRATION WITH DISCOVERY BENEFITS
Description
Hartford has proposed to renew the $25,000 core life program at an unchanged renewal rate of $0.147 per $1,000 of coverage or $3.68 per employee per month. They have also agreed to renew, at no rate increase, supplemental employee life as well as supplemental dependent life. The estimated annual district paid premium is $227,184. Hartford has agreed to guarantee these rates for two (2) additional years [01/01/2013 - 12/31/2014].
Humana has offered to renew the district group vision care insurance program at the expiring per employee per month (PEPM) rate of $4.19 for two (2) additional years [01/01/13 through 12/31/14]. The current PEPM rate has been in effect since 01/01/1998.
There will be no change in the benefit level. The average monthly district paid premium, based on the first six months of the 2012 calendar year, is $20,573.73.
Discovery Benefits has offered to continue the current FSA Administration at no increase to the expiring program. The current rate is $4.90 per participant per month. They have agreed to continue for one year [01/01/2013 – 12/31/2013]. The average monthly district paid expense for the first six months of 2012 calendar year has been $1,078.83 with an average of 220 participants.
Recommendation
That the Board approves the renewal of the district paid basic life insurance and employee paid voluntary life insurance plan with Hartford; group vision insurance with Humana: and flexible spending accounts administration with Discovery Benefits as presented.
Contact
WHITE & CORCORAN/PETERSON
Financial Impact
N/A
Attachment: Group Life Vision and Flexible Spending Renewal.pdf