DEPARTMENT
Finance
REQUESTED ACTION (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
Request approval of 2022 premium rates for the Medical and Pharmacy, Dental and Vision Plans effective January 1, 2022. (APPROVED)
body
REQUIREMENT FOR BOARD ACTION (Cite specific Board policy, statute or code requirement)
In accordance with Board Policy, benefit plan premiums are approved prior to the beginning of each plan year.
STRATEGIC PRIORITY AREA RELATED TO THIS ITEM (If yes, note strategic priority area below)
Open and Responsible Government
COMMISSION DISTRICTS AFFECTED
All Districts ?
District 1 ?
District 2 ?
District 3 ?
District 4 ?
District 5 ?
District 6 ?
IS THIS A PURCHASING ITEM?
No
SUMMARY & BACKGROUND (First sentence includes Agency recommendation. Provide an executive summary of the action that gives an overview of the relevant details for the item.)
Scope of Work: The Finance Department worked with Segal Consulting to complete the 2022 health plan renewals and premium rate projections. Fulton County currently provides a combination of self-insured and fully-insured Medical & Pharmacy (Rx), Dental and Vision programs to approximately 4,093 employees and 3,309 retirees/beneficiaries. For the fully-insured plan options, the insurance carrier pays claims from their own funds and sets premium rates to support expected claim payments. With the self-insured plans, the carrier administers the plan, but claims are funded by the County. Funding rates must be calculated using historical claims and enrollment data, to which actuarial sound methodologies and assumptions are applied, and costs and credits associated with administration of the plan are incorporated. The 2022 funding projection assumes no changes in benefit plan design or cost share changes for active employees and retirees. Fully-Insured Premium rates were negotiated for the following products: Kaiser Medical/Rx HMO for active and non-Medicare retirees/beneficiari...
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