 | RESOLUTION NO. 235 of 2018 DATED: October 23, 2018 |
RESOLUTION AUTHORIZING THE COUNTY EXECUTIVE TO SIGN AN AGREEMENT WITH TOKIO MARINE HCC INSURANCE COMPANY (PERSONNEL)
| Seconded by: | Wilson |
WHEREAS, it have been recommended by the Personnel Officer that Montgomery County change current carriers from HM Life to Tokio Marine for medical and perscription stop loss coverage; and
WHEREAS, stop loss coverage applies in the event individual claims reach $350,000.
RESOLVED, that the County Executive, following the review and approval by the County Attorney is authorized and directed to sign an agreement with HM Life Insurance Company of New York for the provision of stop loss coverage at a cost not to exceed $163,184; and
FURTHER RESOLVED, that said agreement shall be effective January 1, 2019 through December 31, 2019.
RESOLUTION VOTE, passed with Aye(8). Legislator Sweet was absent. (10/23/2018)
Attachment
Statement of Legislative and Financial Impact:
I. Nature of Request:
PARTICIPATE WITH TOKIO MARINE HCC INSURANCE COMPANY FOR MEDICAL and RX STOP LOSS COVERAGE
II. Justification:
TOKIO MARINE HCC INSURANCE COMPANY PROVIDES MEDICAL and RX STOP LOSS COVERAGE IN THE EVENT INDIVIDUAL CLAIMS REACH $350,000.
III. Legislative Impact:
PURSUANT TO SECTION 2.04 (B) OF THE CHARTER THE MONTGOMERY COUNTY LEGISLATURE HAS THE POWER TO MAKE APPROPRIATIONS
IV. Financial Impact:
TOKIO MARINE HCC INSURANCE COMPANY WILL BE AT A COST NOT TO EXCEED $163,184 FOR THE PROVISION OF THE SPECIFIC COVERAGE WITH AN ANNUAL SPECIFIC DEDUCTABLE OF $350,000.00 AND SAID AGREEMENT SHALL BE EFFECTIVE JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019. THIS IS DECREASE OF $98,827.00 FOR 2019. IT IS IMPORTANT TO NOTE, THAT THE DEDUCTABLE FOR THE PREVIOUS PLAN WAS $200,000.00 THIS HAS INCREASED TO $350,000.00 HOWEVER PREMIUM HAS DECREASED AS STATED.
| cc: | County Clerk County Treasurer |
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||