| | | | | | | | | City of Independence | | AGENDA ITEM COVER SHEET |
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| | | | | | | | | BILL NO. 23-771 | Res.No: 6951 |
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| | | | | | | | Agenda Title:
23-771 A resolution revising rates for the City's Self-Insurance health plans. |
| | | | | | | | Recommendations:
Staff recommends approval. |
| | | | | | | | Executive Summary:
The Staywell Health Advisory Committee was established to serve in an advisory capacity to the City Manager for the City’s Self Insurance Staywell Fund. The Fund pays the health insurance costs for Employees and Retirees under age 65 and their dependents. The Committee works closely with the professional Human Resources staff and the City's consultants to develop recommendations for the City Manager to consider.
At its July meeting, the Staywell Committee recommended to the the City Manager the 9.83% increase across all the 2024 Healthcare plan premiums and to accept the Cigna Pharmacy Renewal, effective with the 2024 Plan Year. This is consistent with the recommendation from the City's health plan advisor, CBIZ. City Management concurs with this recommendation.
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| | | | | | | | Background:
Several substantial changes were made to the City's self-insured health plans for the 2023 plan year. In light of those changes, it was recommended by CBIZ to implement very few changes for the 2024 plan year to allow the Staywell Fund to stabilize and fully absorb the changes made in 2023. The recommended increase of 9.83% is in line with the City's budget assumptions and financial forecast.
The Resolution directs the City Manager to implement the premium increase for all health plans. |
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Fiscal Impact:
The total increase for the City share of rate increase is $1,308,321 for a total estimated contribution of $15,394,318 to the Staywell Fund in calendar year 2024. This increase will need to be included as part of the fiscal year 2024-25 budget.
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| | | | | | | | | Department: City Manager's Office | Contact Person: Adam Norris |
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| REVIEWERS: | | Department | Action | | City Managers Office | Approved | | City Clerk Department | Approved | | Finance Department | Approved | | City Managers Office | Approved | | City Clerk Department | Approved |
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| Council Action: | Council Action: |
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