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Consultant: stop-loss renewal pushes city's projected 2025 medical costs to about 17%
Summary
A benefits consultant told the Personnel Committee an unexpected stop-loss renewal increased the city's projected 2025 medical-rate rise to about 17%, and recommended programs that could trim roughly $458,000 in projected costs while staff seeks alternative stop-loss quotes.
A benefits consultant told the Manitowoc Personnel Committee that an unexpectedly large stop-loss renewal from the city's carrier has pushed the city's projected 2025 medical-rate increase to roughly 17%.
Sean, representing USI, said the carrier initially issued a renewal near 97% that USI negotiated to 89%. He told the committee the vendor's block-pricing on stop-loss coverage, together with several high-cost claims, explains much of the increase: "It's honestly the highest increase I've ever had to deliver…
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