HomeMy WebLinkAboutMO #2976MUNICIPAL ORDER NO. 2976
A MUNICIPAL ORDER ACCEPTING THE RATES FOR STOP LOSS INSURANCE
COVERAGE, AUTHORIZING AN AGREEMENT WITH VOYA FINANCIAL ADVISORS,
INC., FOR THE CITY OF PADUCAH, KENTUCKY FOR THE 2025 CALENDAR YEAR
AND AUTHORIZING THE MAYOR TO EXECUTE ALL DOCUMENTS RELATING TO
SAME
BE IT ORDERED BY THE BOARD OF COMMISSIONERS OF THE CITY OF
PADUCAH, KENTUCKY:
SECTION 1. That the City of Paducah accepts the rates offered through Voya
Financial Advisors, Inc., for Stop Loss Insurance Coverage for the group health insurance plan
for the City of Paducah, Kentucky. Effective January 1, 2025. The stop loss rates are as follows:
1) Individual Stop Loss - $175,000 maximum City liability per person with a
monthly rate of $108.97 per member; and
2) Aggregate Stop Loss - $3,242.828 maximum City liability of total claims
combined with a monthly rate of $5.94 per member. Voya assumes
liability for all claims in excess of the aggregate total up to $1,000,000.
3) Gene Therapy Stop Loss (GTS) $4.75 per member per month to assist
with high prescription drug costs related to gene therapy.
SECTION 2. The Mayor is hereby authorized to execute all documents relating
to stop loss insurance coverage as authorized in Sections 1 above.
SECTION 3. The producer/agent of record where monthly premium payments
will be made is Stealth Partner Group.
SECTION 4. This Order shall be in f4A force and effect from and after the date
of its adoption. n
George Bra-/y,,/Mayor
ATTEST:
au S I t l �t l -UCS
Claudia S. Meeks, Assistant City Clerk
Adopted by the Board of Commissioners, October 22, 2024
Recorded by Claudia S. Meeks, Assistant City Clerk, October 22, 2024
\mo.\health ins -stop loss coverage — Voya- 2025