SLCC Board of Trustees Meeting Minutes, February 17, 2005

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Summary of Bids Dental PPO Financial Analysis Effective June 1, 2005 Employee Only Family Aetna $36.26 $96.89 AIG $41.72 $111.47 Ameritas $38.20 $102.07 BCBS $37.47 $100.13 Delta Dental $40.11 $108.15 Dental Source $36.30 $96.90 Guardian $37.66 $100.63 Humana $34.95 $93.38 MetLife $35.05 $93.65 Mutual of Omaha $40.08 $107.09 Reliance Standard $39.96 $107.36 Standard $38.20 $102.07 United Concordia $35.15 $93.91 UnitedHealthcare $33.97 $90.78 2
8.1.2 Recommendation for Award of Dental (HMO) Insurance Contract Board Approval is requested for the award of a contract to Dental Source (Dental HMO) for a period of three (3) full years to begin June 1, 2005. Description The College sought competitive bids for a Dental HMO plan. The bid specifications required quotes that duplicated our current dental plans. Proposals were received from 5 insurance carriers for the Dental HMO plan. However, the incumbent Cigna did not submit a quote. The top two proposals were received from Aetna and Dental Source. Marsh, our insurance consultant, analyzed the proposals and the College’s Insurance Advisory Committee reviewed and evaluated the results. Dental Source quoted a 3 year rate guarantee and Aetna quoted a 1 year rate guarantee with a 2 nd year rate cap of 9%. Aetna quoted a plan design that is not as rich as the current dental HMO program with Cigna. It has a $10 office visit copay vs. $5 and copays for fillings and cleanings where there currently are not any copays. Dental Source’s dental HMO program more closely matched the current Cigna program and even has some enhancements. There is no office visit copay and there are some higher benefit levels in the major services categories of Periodontics and Orthodontics than Cigna. Dental Source is not rated. However, Marsh has a unit that focuses solely on monitoring the financials of insurance companies and even though Dental Source is not yet rated, they do meet Marsh’s financial guidelines. Dental Source rated higher than the competitor in areas other than price including network size, plan design, continuity and customer satisfaction. Based on the foregoing information, the College recommends Dental Source as the sole finalist and recommended contractor. The total annual premium for Dental HMO Insurance under this recommendation will be $32,532, which is a cost savings of $90 over current cost. The College’s portion of that total premium will be $23,567. Bid Cost Comparison/ Top 2* The cost-only evaluation of this bid, which was opened on October 29, 2004, is shown below: Employee College Total Total Points Other Factors EMPLOYEE ONLY Cost Cost Premium Awarded** Considered Current Cost $1.30 $11.74 $13.04 Dental Source Bid $1.30 $11.70 $13.00 480 Aetna Bid $1.30 $11.74 $13.04 395 Quoted plan design was not as rich as current plan FAMILY Current Cost $9.82 $20.26 $30.08 Dental Source Bid $9.80 $20.20 $30.00 Aetna Bid $9.82 $20.26 $30.08 * See attached spreadsheet for summary of all bids received. **The Employee Insurance Advisory Committee rated each finalist on several factors; cost, network size, network disruption, customer service/satisfaction, plan design, contingencies and administration. The factors were weighted with cost being weighted at 50%. 3
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MINUTES OF REGULAR MEETING BOARD OF
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11. Approval of Resolution and Auth
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V. BUSINESS & FINANCE 18. Budget A.
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VIII. INSURANCE RECOMMENDATION 21.
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#7 Resolution Re March 31, 2005 Exe
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2/17/05 Board Agenda Human Services
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Section 3. For the purpose of enabl
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II. Instruction and Student Service
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Hospitality Studies: Restaurant Man
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Hospitality Studies: Culinary Arts
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01/27/05 -105a- 3.4 OTHER PERSONNEL
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SLCC Board of Trustees Meeting Minutes, February 17, 2005

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