Submitted By
Kira Tchang, Assistant Village Manager/HR Director
Reviewed By
A.M. Zayyad, Deputy Village Manager
Agenda Item Title
Title
A Resolution Approving the 2025 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 2025 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 2025 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 2025 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 August 1, 2022, through July 31, 2024. Claims analysis and excess loss utilization, both for the Village organization and the healthcare market at large, drove a small premium rate increase for the 2025 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 for fiscal year 2025. The rate increase for Health Insurance is 2.5%.
Optional Dental Insurance with Delta Dental: (see Exhibit A for premiums)
Premiums for optional dental insurance are paid 100% by the employee. The Village is in year 2 of a 2-year rate guarantee with Delta Dental thr...
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