Gulfport employees, rejoice! At the Aug. 15 City Council Meeting, Council approved four resolutions to renew insurance for City employees.
These resolutions continue to benefit employees and their families, as well as the City. While each focuses on a different sector of insurance, together they provide a comprehensive plan for all City of Gulfport employees.
Renewals for Health Insurance
Resolution 2023-60 focuses specifically on health insurance for City employees.
This insurance is provided by the Public Risk Management of Florida (PRM) from Oct. 1, 2023 to Sept. 30, 2024. The renewal rate will increase by 2.75% for the upcoming year, with a total estimated cost of $1,295,374 for the City.
While the rates increase, the resolution describes the importance of increasing benefits with increased rates. This year, the base plan costs $671.65 per month. This plan is an employee-only health coverage with a set level of benefits, and up to $2,400 for dependents.
Additionally, Gulfport offers employees a premium plan with more benefits, lower deductibles, and copayments. The City will cover the cost for the base plan, but employees will have to pay the additional cost for the premium plan. The City will also offer a low-cost option with less benefits, but more affordable premiums.
Renewals for Life Insurance
Resolution 2023-61 focuses on life, accidental death, and dismemberment insurance, provided through Standard Insurance Company.
In 2022-23, Standard Insurance Company offered the policy at a rate of 34¢ per $1,000 of monthly covered income. For the upcoming year, the rate is being raised to 37¢ per $1,000 of income. This rate will be guaranteed from Oct. 1, 2023 to Oct. 1, 2024. Overall, the annual premium for this year estimates to be $48,689.
Renewals for Long-Term Disability Insurance
Resolution 2023-62 talks about individual long-term disability insurance through standard insurance company.
The expected rate from 2023 should stay the same at 61¢ per $100 of monthly covered income. Consequently, this would guarantee that the rates would not change unless the affected individual’s salary changes. The annual premium of this benefit is estimated to be $64, 244.
Renewals for General Insurance
Resolution 2023-63 renews the City’s general insurance with Public Risk Management of Florida (PRM).
Gulfport has been a member of PRM for 25 years. This year, expectations project the rate to increase by 19.26%. Originally, the projection claimed a 25% increase. In spite of that, the City earned a safety credit for maintaining an up-to-date and comprehensive safety manual, as well as a “drug-free credit” for maintaining a drug-free workplace.
The total expected cost for the City is $1,245,603.
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