TITLE
Title
Approval of Award - RFP 2020009 to Symetra Life Insurance Company, Inc. for self-insured medical and prescription benefits for one (1) year from 1/1/2020 to 12/31/2020.
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BACKGROUND INFORMATION
In accordance with Florida requirements, RFP 2020009 Stop Loss Insurance for self-insured medical and prescription benefits went out to bid on 11/08/2019 via Demand Star. 74 suppliers were notified and there were 5 planholders. 3 bid packages were received. Gallagher Benefits Services provided the development, evaluation and a report for review by the Health Insurance/Bid Committee. The Committee met on 12/2/2019, reviewed and ranked the applicants. The Bid Committee selected Symetra Life Insurance Company, Inc. The Health Insurance/Bid Committee is recommending the selection of Symetra Life Insuance Company, Inc. with Gallagher Benefits Services as Agent to be paid $1.75 PEPM , as a result of RFP #2020009, Stop Loss Insurance for medical and prescription benefits. The Committee recommends a $300,000 deductible with a 120% aggregrate stop loss at a cost of NTE $815,000.00 for the Plan Year 1/1/2020 to 12/31/2020. It shall be the option of the School Board to renew for up to three (3) additional plan years thereafter.
BUDGET INFORMATION
Item Budgeted? YES
Total Cost: NTE $815,000.00 for PY 1/1/2020 to 12/31/2020
Budget Coding: 0712.7730.324.9802.0001
Requisition Attached?
CONTRACT INFORMATION
Contract with: Symetra Life Insurance Company, Inc.
Contract value: NTE $815,000.00 for PY 1/1/2020 to 12/31/2020
Budget coding: 0712.7730.324.9802.0001
Contract Purpose / Description: To provide Stop Loss Insurance for self-insured medical and prescription benefits
Contract Originator: Kathryn Flannery, x53342, Employee Benefits & Risk Management
Board Meeting Date: December 17, 2019
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Recommendation
Approval of Award - RFP 2020009 to Symetra Life Insurance Company, Inc. for stop loss insurance for self-insured medical and prescti...
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