Title
Resolution to Approve the Amendment and Renewal of the City's Contract with EyeMed Vision Care LLC to Provide Vision Benefit Coverage to City Employees and their Eligible Dependents, and to Authorize the City Administrator to Execute the Necessary Documentation ($340,000.00 for a forty-eight (48) month policy period, through 12/31/2026)
Memorandum
The attached Resolution seeks to approve the amendment and renewal of the EyeMed Vision LLC Contract for calendar year's 2023, 2024, 2025 & 2026, and authorizes related payments to EyeMed Vision Care LLC ("EyeMed") to administer the City's Vision Plan.
Public Act 106, requires the City to competitively bid our medical, dental and vision coverage every three years. Marsh & McLennan Agency, our healthcare advisor, conducts the bidding on our behalf and recommends a service provider. We completed this bidding process for plan year 2023. EyeMed remained the best option for vision coverage. The City will competitively bid this vision plan in 2026 for the 2027 plan year to stay in compliance with Public Act 106.
Budget/Fiscal Impact: The necessary funds have already been appropriated as part of the FY23 approved budget through June 30, 2023. Required funding for the portion of contract term from July 1 through December 31, 2023, is planned to be budgeted in the future, along with the following years through December 31, 2026. The estimated annual cost of this employee benefit is $85,000.
This plan is a fully insured program and requires the City to pay a set monthly premium that is fixed for the next four years. The monthly premiums are $5.10 for single, $9.69 for two people, and $14.22 for a family from January 1, 2023 - December 31, 2026. The monthly costs for the program will fluctuate depending on the number of employees enrolled in the program during any given month.
The City is in a current contract with EyeMed through December 31, 2022. Employee labor contracts and the employee benefit plans establish the l...
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