The city of Jamestown has signed on with a new stop-loss insurance company that will help to save over $20,000 on an annual basis.
During Monday night’s council voting session, city lawmakers approved a resolution authorizing the mayor to sign with a Veracity Benefits of Jamestown. The company was one of two providers that submitted bids to provide stop-loss coverage. Veracity Benefits would charge $249,000 to the city, which was $37,000 lower than then the other company’s proposal. It’s also $23,000 cheaper than what the city had previously been spending on stop-loss insurance.
The city self-funds, or self-insures, its own employee health benefit plans. That means the city pays its around 500 employees’ health claims and contracts with companies to administer the health plan. The stop-loss insurance policy covers the cost when health care claims exceed $150,000. The city’s contract with Veracity will begin on June 1.
Leave a Reply