Committee recommends Companion Life stop‑loss contract for city’s self‑funded health plan
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Summary
The committee recommended awarding a stop‑loss insurance contract to Companion Life for the city's self‑funded health plan; staff said the contract reflects a projected 14% increase driven by expected claims and adds access to a gene‑therapy program component.
The Finance Committee recommended that the City Council approve a stop‑loss insurance contract with Companion Life for the city’s self‑funded health care account.
Darren Hass, human resources, presented the contract and said the proposal reflects a 14% increase based on expected claims but that the increase was “significantly lower than the renewal contract we had…last year.” He described stop‑loss as insurance that protects the city from catastrophic claims and noted a new element in the Companion offer: a companion care gene‑therapy program intended to help cover expensive gene‑targeted treatments as those therapies advance.
Hass said the recommendation follows review by the employee benefit advisory team and the city’s broker. Committee members confirmed the contract term is annual with a three‑year cadence for renewal options discussed as part of procurement; staff said Companion Life was recommended after reviewing multiple bids. With no public comment, the committee unanimously recommended approval and will forward the contract to the full council.
The recommendation authorizes staff to finalize the stop‑loss agreement and continue self‑funded plan administration under the new carrier terms.