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UTILITY BOARD APPROVES THE RENEWAL OF KEYS ENERGY SERVICES HEALTH BENEFIT PLAN

08/29/2005 ~ The Utility Board approved the renewal of Keys Energy Services (KEYS) established self-insurance program effective October 1, 2005.

KEYS established a self-insurance health benefit plan on October 1, 2003, utilizing the Florida Municipal Power Agency (FMPA) initiated program. Under a self-insured plan, the employer decides upon a plan of benefits.

In order to have continued with the same benefits as 2004/2005, a significant increase of 12 – 14 percent would have been necessary to cover the expected medical expenses increase of 8 – 12 percent and the prescription expenses increase of 12 – 18 percent. KEYS Staff, along with Preferred Benefit Administrators, Inc., as the Third Party Administrator (TPA), and its Benefits Consultant, identified reductions to the current program’s benefits to mitigate the aforementioned increases.

Rates will increase seven percent across-the-board for all participants, including increases in deductibles for Out-of-Network providers, Out-of-Pock Maximums, and the addition of a co-payment for Emergency Services, among others. Employees will also continue to pay for the insurance coverage of their dependant(s).

The continuance of the self-insurance program will utilize Preferred Benefit Administrators, Inc., as the TPA, and Alliance Insurance Company for stop-loss insurance, which protects the plan from the financial loss of large claims. The budgeted cost for the renewal of the Health Benefit Plan is $2,475,629.

The Board also approved continuing with KEYS self-insurance dental program, which is an employee paid benefit and of no cost to the utility. The program will continue to be administered by Preferred Benefit Administrators, Inc., and will become effective October 1, 2005. The employee rate to participate in KEYS dental program will increase $0.25 for all employees.

Currently, employee only dental coverage is $30.91 per month; effective October 1, 2005, the new monthly rate will be $31.16. Employee coverage, including family, is currently $73.41 per month; the new monthly rate will be $73.66.

In other business, the Board:

- Approved the changes to KEYS’ Bill Insert Policy to coincide with the outsourcing of utility billing.

- Awarded the contract for the disposal of transformers, capacitors, and miscellaneous electrical equipment to G & S Technologies, their bid being the highest sales price/lowest disposal cost bid complying with specifications.

The regular meeting of the Utility Board took place at 5:00 p.m., August 24th, in the Louis Carbonell Board Room of the William Arnold Service Building, 1001 James Street, Key West.

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