Submitted By
Kira Tchang, Assistant Village Manager/HR Director
Reviewed By
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Agenda Item Title
Title
A Resolution Approving the 2024 Employee Health, Dental, Vision, Life, Accidental Death and Dismemberment, Accident, and Critical Illness Insurance Providers' Plan Designs and Premiums and Authorizing Their Execution
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Overview
Overview
This is an annual agenda item to approve various contract providers for the 2024 Employee Health, Dental, Vision, Life and Accidental Death and Dismemberment Insurance, Voluntary Worksite Benefits (Critical Illness and Accident) and Excess Loss administration with Blue Cross Blue Shield.
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Recommendation
Recommendation
Adopt the Resolution.
Background
This is an annual agenda item to approve various contract providers for the 2024 Employee Health, Dental, Vision, Life and Accidental Death and Dismemberment Insurance, Voluntary Worksite Benefits (Critical Illness and Accident) and Excess Loss with Blue Cross Blue Shield.
The proposed 2024 Employee Benefits plan includes:
Health Insurance with Blue Cross Blue Shield of Illinois: (see Exhibit A for premiums)
Renewal projections from BCBS are based on a two (2) year look back at Village healthcare expenses from June 1, 2021 through May 1, 2023. Claims analysis and excess loss utilization, both for the Village organization and the healthcare market at large, drove premium rate increases for the 2024 plan year. The Village will continue to offer a PPO, HMO Illinois, Blue Advantage HMO and High Deductible Health Plan (HDHP) health insurance offerings for the new plan year. The Village does not intend to make any plan design changes at this time due to higher than average rate increases across all plans.
Optional Dental Insurance with Delta Dental: (see Exhibit A for premiums)
Premiums for optional dental insurance are paid 100% by the employee. Rates increased 4.27% from 2023.
Optional Vision Insurance with VSP: (see Exhibit A for premiums...
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