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New Mexico Public Schools Insurance Authority

New Mexico Public Schools Insurance Authority. BENEFITS PROGRAM UPDATE April 8, 2011. Update on Benefits Fund Balance. Life and Long Term Disability Bid. Proposal released January 10, 2011 Waiver Opportunity Letter to Superintendents January 12, 2011

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New Mexico Public Schools Insurance Authority

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  1. New Mexico Public Schools Insurance Authority BENEFITS PROGRAM UPDATE April 8, 2011

  2. Update on Benefits Fund Balance

  3. Life and Long Term Disability Bid • Proposal released January 10, 2011 • Waiver Opportunity Letter to Superintendents January 12, 2011 • Proposals Responses due February 14, 2011

  4. Life and Long Term Disability Bid • Five proposals received: • CIGNA (Life and Disability) • Dearborn Life (Life and Disability) • Minnesota Life (Life Only) • Standard (Life and Disability) • UNUM (Disability Only)  Three Finalists Selected: • Dearborn Life (Life and Disability) • Minnesota Life (Life Only) • Standard (Life and Disability)

  5. Life and Long Term Disability Bid • Evaluation Criteria: • Cost 400 • Administrative Capabilities 200 • Client Service 150 • Experience 150 • Organizational Qualification 100 • IBAC Selection: The Standard • Current Cost: $8.342 million annually • Best and Final: $7.856 million annually • 4 year rate guarantee on Life and 4 year rate guarantee on LTD if 1st renewal incurred loss ratio is .85 or less

  6. Reduction in Basic Life Rate • No change to billed rates for Additional Life • No change to billed rates for LTD • Reduction to 100% Employer paid Basic Life effective October 1, 2011:

  7. A word from The Standard • Stacy Fitzpatrick 505-803-8144 • Stacy.fitzpatrick@standard.com • Life Conversion • Life Portability • RHCA Rollover Option • MedEx Travel Assistance

  8. A few enhancements • Insulin pump supplies (reservoirs, tubing) 100% covered • Continuous glucose monitoring supplies 100% covered • Diabetic pilot program expanded to Taos • Gaps in care program through independent pharmacies • Terminal Illness benefit now available to spouses

  9. A word from Erisa • Newsletter – understanding preventive care coverage • New Program Guides coming • Importance of Leave of Absence reporting

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