(1) Vendor needs to provide insurance brokerage and related services to the government authority located in Pawtucket, RI.
- Self-insured for the following health insurance product lines:
• Health Insurance
• Prescription Drugs
• Dental Insurance
- Required to be knowledgeable of all federal and state law and code,
- Provide documentation that it has experience as broker of record for employee health related benefits,
- Minimum of three years' experience being a broker of record
- Experience providing similar services to municipalities of similar size and type as the agency.
- Evaluate proposals relative to compliance with insurance specifications, cost and ability of each carrier to perform as required including relative solvency.
- Evaluate existing insurance coverage and claims history in order to make recommendations on any modifications to current program held by the city and schools.
- Provide comprehensive assistance and guidance in completing the insurance application process in a timely manner.
- Provide an annual stewardship report, including insurance schedule, policy summaries, review of past year's activities and outlook for coming year's market conditions to minimize total healthcare spending to the City and Schools.
- Research new and innovative ideas for stop loss to reduce cost.
- Provide periodic review and analysis of claims and financial data, including identifying allowable and unallowable claim costs and relevant discounts, rebates and credits for the city and schools.
- Perform an annual prescription audit, which is the fastest growing piece of overall medical spending for the city and schools.
- Perform an annual audit on medical claims.
- Monitor federal and state law and code pertaining to health benefits and provide the latest updates to the city and schools for compliance.
(2) A non-mandatory pre-bid conference will be held on February 16, 2023.
(3) All questions must be submitted no later than February 21, 2023.
(4) The contract period will be for one year.
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