Title
Resolution approving the County’s 2017 Health, Life and Dental Insurance Plan.
Staff Summary
• In August 2016, the County Board approved the County’s 2017 health insurance plan.
• The 2017 dental plan, with an annual cost of $2,125,578, will result in no changes to premiums for employers or employees.
• The 2017 life insurance carrier is recommended to be changed from Voya to Securian Financial Group, which will result in a cost reduction, from $202,172 to $179,498 annually, for the County.
• Employee premiums for life insurance will be will reduced by approximately 20 percent.
• The new life insurance carrier will fully administer the plan.
Body
RESOLUTION
WHEREAS, the Human Resources Department works with the County’s health insurance consultant, Gallagher, to derive the County’s annual healthcare program design and budget; and
WHEREAS, the Human Resources Department recommends no changes to the dental carrier or the dental premiums for the employer or employees for 2017; and
WHEREAS, the annual cost of the dental plan will be $2,125,578; and
WHEREAS, the Human Resources Department recommends a change to the supplemental life insurance vendor, from Voya to Securian Financial Group, which will result in a reduction to the County’s basic life premium and accidental death and dismemberment (AD&D) costs from $0.127/$1,000 to $0.095/$1,000 of coverage; and
WHEREAS, the annual cost of the basic life and AD&D cost will be reduced annually from $239,961 to $179,489; and
NOW, THEREFORE, BE IT RESOLVED, by this County Board of Lake County, Illinois, that the County’s health, life and dental insurance plan for fiscal year 2017, is hereby approved.
DATED at Waukegan, Illinois, on this 13th day of September, 2016.