Title
Approving an application from Blue Cross and Blue Shield of Texas (BCBSTX) for Medical/Pharmacy insurance in 2024 and authorizing the City Manager to execute the agreement.
Summary
On October 25, 2022, the City Council approved to award the City’s medical and prescription benefits contract to Blue Cross Blue Shield TX for 2023. That agreement included an option to renew for 2024 with a rate increase cap of 9.5%. The City consulted with our insurance broker, HUB International (HUB) and determined that it is in the best interest of the City to remain with BCBSTX for medical and prescription benefits in 2024.
Prior City Council Action
Contract approved with Blue Cross Blue Shield TX for 2023 medical and prescription benefits on October 25, 2022.
Deadline for City Council Action
October 24, 2023
Funding Expected: Revenue __ Expenditure _X_
Budgeted Item: Yes _X_ No __ N/A __
Amount: $4,823,393 per year, $408,248 or 9.2% above current plan.
1295 Form Required? Yes X_ No __
Legal Review Required: _X_Required __ Date Completed: 10-9-2023
Supporting documents attached:
Benefit Program Application
Recommended Action
Approve an agreement with Blue Cross and Blue Shield of Texas (BCBSTX) for Medical/Pharmacy insurance in 2024 and authorize the City Manager to execute the agreement.