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BENEFITS PROGRAM UPDATE April 8, 2011 New Mexico Public Schools Insurance Authority.

Published byJulianna Stanley Modified over 8 years ago

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Presentation on theme: "BENEFITS PROGRAM UPDATE April 8, 2011 New Mexico Public Schools Insurance Authority."— Presentation transcript:

1 BENEFITS PROGRAM UPDATE April 8, 2011 New Mexico Public Schools Insurance Authority

2 Update on Benefits Fund Balance FY 10Fund Balance June 30, 2009 ($8,848,428) December 31, 2009 $5,745,618 June 30, 2010 $8,216,512 December 31, 2010 $16,402,086 Estimated June 30, 2011 $28,397,789 Amount earmarked to offset needed premium increase $7,755,682

3 Life and Long Term Disability Bid Proposal released January 10, 2011 Waiver Opportunity Letter to Superintendents January 12, 2011 Proposals Responses due February 14, 2011

4 Life and Long Term Disability Bid Five proposals received: CIGNA (Life and Disability) Dearborn Life (Life and Disability) Minnesota Life (Life Only) Standard (Life and Disability) UNUM (Disability Only) Three Finalists Selected: Dearborn Life (Life and Disability) Minnesota Life (Life Only) Standard (Life and Disability )

5 Life and Long Term Disability Bid Evaluation Criteria: Cost 400 Administrative Capabilities200 Client Service150 Experience150 Organizational Qualification100 IBAC Selection: The Standard Current Cost:$8.342 million annually Best and Final:$7.856 million annually 4 year rate guarantee on Life and 4 year rate guarantee on LTD if 1 st renewal incurred loss ratio is.85 or less

6 Reduction in Basic Life Rate No change to billed rates for Additional Life No change to billed rates for LTD Reduction to 100% Employer paid Basic Life effective October 1, 2011: Face AmountCurrent Mo. CostOctober 1, 2011 Mo. Cost $10,000$1.20$.94 $25,000$3.00$2.36 $50,000$6.00$4.70

7 A word from The Standard Stacy Fitzpatrick 505-803-8144 Stacy.fitzpatrick@standard.com Life Conversion Life Portability RHCA Rollover Option MedEx Travel Assistance

8 A few enhancements Insulin pump supplies (reservoirs, tubing) 100% covered Continuous glucose monitoring supplies 100% covered Diabetic pilot program expanded to Taos Gaps in care program through independent pharmacies Terminal Illness benefit now available to spouses

9 A word from Erisa Newsletter – understanding preventive care coverage New Program Guides coming Importance of Leave of Absence reporting

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