SUBJECT
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Consideration to renew contract FY23-024 for Voluntary Products with the following vendors and services:
1) Group Life/AD&D
a. Basic Life - Blue Cross Blue Shield of Texas
b. Supplemental Life - Blue Cross Blue Shield of Texas
2) Group Vision
a. Vision - Aflac Group Insurance
3) Personal Insurance
a. Long Term Disability -Blue Cross Blue Shield of Texas
b. Short Term Disability -Blue Cross Blue Shield of Texas
c. Accident - Colonial Life & Accident Insurance Company
d. Cancer - Colonial Life & Accident Insurance Company
e. Critical Illness - Colonial Life & Accident Insurance Company
f. Legal ID Theft - LegalShield
g. Medical Evacuation - AirMedCare Network
The term of this contract was for a period of three years with option to renew two additional one year periods. This is the first of two extension periods. This contract will commence on October 1, 2026.
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PREVIOUS COUNCIL ACTION
Contracts for FY23-24 was approved by city council on the April 17, 2023.
BACKGROUND
The City of Laredo went out on formal solicitation for Voluntary Products and received 18 proposals. The evaluation committee convened to review and make a recommendation on the best voluntary insurance products.
COMMITTEE RECOMMENDATION
None
STAFF RECOMMENDATION
recommendation
It is recommended that these contracts be renewed.
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Fiscal Impact
Fiscal Year: N/A
Budgeted Y/N?: Yes
Source of Funds: Health & Benefits
Account #: 660-2035-513-9746 and 660-2035-513-5508
Change Order: Exceeds 25% Y/N: N/A
FINANCIAL IMPACT:
N/A