City changes health insurance administrator
Mayor
"This is a fast-moving, complicated benefits package where benefits change by the hour," Read said.
"I think this new relationship will serve us well."
STOP-LOSS COVERAGE
Health insurance administrators oversee health insurance plans by helping to do renewals, negotiate prices and administer benefits.
Administrative firms are paid through a commission on stop-loss insurance the city pays for.
That's coverage the city buys to protect itself if health costs exceed budgeted amounts in a given year, explained City Chamberlain
Burnham will get a commission of 15 percent, the same as
WEEKLY PRESENCE
"We've had it for 16 years, and I think we've done a phenomenal job," he said.
"We would like to hear how and where we have not met the needs of the city."
Read said the city chose Burnham mainly because of its commitment to have someone located in
"While the price of the administration contract was similar for all the proposers, since the fees are paid on a commission basis from the insurance companies, the committee was impressed by the willingness of the consultants to be present in the city at least weekly," Read said.
"We shall be doing the transition over the next few months."
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