Title
Dept/ Agency: Administration/Division of Personnel
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Contract for Health Insurance Benefits
Purpose: To provide Health Plan (Aetna).
Entity Name: Aetna Life Insurance Company
Entity Address: 151 Farmington Avenue, Hartford, Connecticut 06156
Contract Amount: Estimated Annual Maximum Costs of $72,222,049.00
Funding Source: 2023 Budget
Contract Period: February 1, 2023 through December 31, 2023
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. (X) Insurance
( ) Fair & Open (X) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) N/A
Additional Information:
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WHEREAS, the City of Newark (the "City") desires to enter into contract to provide its eligible employees, eligible retirees, and their eligible dependents represented by the various bargaining units with which the City negotiates and eligible unclassified personnel with a managed care health plan; and
WHEREAS, the City through its brokers solicited proposals in the private market for managed health care plans and stop loss coverage; and
WHEREAS, Aetna Life Insurance Company ("Aetna") has submitted a Proposal indicating they will provide a managed care health plan, with in and out of network benefits; and
WHEREAS, pursuant to Chapter 78, P.L. 2011 enacted on June 28, 2011, the City will offer the Aetna medical plan as a lower cost alternative to the State Health Benefits Plan; and
WHEREAS, the estimated annual administrative cost for February 1, 2023 through December 31, 2023 contract year is estimated to be One Million Two Hundred Fifty-Six Thousand Six Hundred Forty Dollars and Zero Cents ($1,256,640.00) with an estimated total plan cost of Fifty-Nine Million One Hundred Twenty Thousand Five Hundred Ninety-Nine Dollars and Zero Cents ($59,120,598.00) and a maximum total plan cost of Seventy-Two Million Two Hun...
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