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City of <br />�. <br />Pequott <br />Lakes— <br />AGENDA ITEM #5.3. <br />REPORT TO <br />CITY COUNCIL <br />Date: October 5, 2010 <br />Subject: Consider Recommendation from Health <br />Insurance Committee <br />Report: At the February 1St City Council meeting, the <br />�— Council directed staff to research health insurance plan <br />options. The Council was concerned with the high cost of <br />the existing health insurance plan, and especially with the <br />increasing rates. The other issue with the existing plan is <br />that as part of the Federal Health Care Reform, a penalty of <br />up to 40% could be assessed in the future for benefit -rich <br />plans. The City's existing plan is considered a benefit rich <br />plan and would be subject to this penalty. <br />The Health Insurance Committee consists of the Mayor, <br />Council Member Ryan, and five employees. The <br />Committee met a couple of times to review different health <br />plan options. At the 9/9/2010 Health Insurance Committee <br />meeting, the Committee made a decision to recommend <br />two new health insurance plan options to the Council. The <br />�' two plan options consist of: <br />