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UTILITY BOARD APPROVES RENEWAL OF KEYS’ HEALTH BENEFIT PLAN

09/14/2006 ~ The Utility Board approved the renewal of Keys Energy Services (KEYS) established self-insurance program, effective October 1, 2006, at their regular meeting on Wednesday, September 13th.

The performance of KEYS self-insurance health benefit plan was reviewed by Interisk, KEYS’ Insurance Consultant; Preferred Benefit Administrators, Inc., KEYS’ Third Party Administrator; and KEYS’ staff. Staff recommended, and the Board ultimately approved, retaining all existing coverage at the same levels and increasing the premiums by 4.5 percent to cover the increase of re-insurance and to keep fund balances whole.

The continuance of the self-insurance program will utilize Preferred Benefit Administrators, Inc., as the Third Party Administrator, 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 $2,270,664.

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.

The regular meeting of the Utility Board took place at 5:00 p.m., Wednesday, September 13th, in the Louis Carbonell Board Room of the William Arnold Service Building, 1001 James Street, Key West.

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