Att.B - Price Sheet.xlsx
XLSX spreadsheet 51 KB Posted
- Attached to
- Group Term Life Insurance
- Solicitation number
- RFP-05642
- Issued by
- Leon County, Florida
About this file
This document contains the Price Sheet attachment for a Request for Proposals (RFP) issued by the Florida Department of Management Services for Group Term Life Insurance benefits. The RFP seeks to establish a contract for these services, with the Department intending to make an award to one or more respondents. The annual spend for the contract is estimated at $36,300,000. The RFP requires respondents to submit pricing for all plan designs, including basic group term life insurance coverage for eligible employees, vested legislators, retired employees, spouses, and dependent children, as well as optional group term life insurance for active employees. Respondents must provide monthly premium rates for the initial four-year term and the subsequent four-year renewal term. The RFP includes estimated annual enrollment figures for the various coverage types as of May 1, 2023.
The pricing sheet includes instructions for respondents, stipulating that rates must be provided to the third decimal place and that the basic group term life insurance rate for eligible employees cannot exceed $3.58 per member per month during the initial term. The pricing sheet also outlines the weighting methodology, with 90% weight given to the initial term rates and 10% to the renewal term rates, as well as the enrollment-based weighting of the various plan coverages.
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General Instructions
| Instructions |
| Respondent shall provide a rate in each yellow shaded cell in Tabs 2 through 7 for the initial and renewal terms. Failure to provide a rate within a yellow shaded cell will result in the Respondent being deemed non-responsive. Respondent's rates shall be to the third decimal place. The initial term rates are for years one (1) through four (4) and shall be the dame rate for each initial term year, the renewal rates are for years five (5) through eight (8), and may be a different rate for each renewal term year. Tab 8 provides a summary of your response along with weighted rates. The weighting of the initial and renewal terms and the benefits is described below. |
| Not to Exceed Rate |
| The Basic Group Term Life ($25,000) rate for Eligible Employees (Tab B2) cannot exceed $3.58 per member per month for the initial term. |
| Weighting |
| Rates for the initial term will be given a weight of 90% and 10% for the renewal term. |
| The weighted initial and renewal term rates will be additional weighted in portion to each plans current enrollment. |
&"-,Bold"ATTACHMENT B - PRICE SHEET
GENERAL INSTRUCTIONS
RFP No.: DMS 22/23-174 Group Term Life Insurance
B2 Eligible Employees
| Respondent's Legal Name |
| Primary Contact |
| Financial Reply Contact (if different) |
| Financial Reply Contact email |
Basic Group Term Life Insurance Coverage for Eligible Employees
| Life Insurance Benefit | $25,000 | |||
| Equal to life insurance benefit | ||||
| Eligibility | Active Full-Time and | Rate per $1,000 per Month | ||
| OPS Employees | ||||
| Estimated Annual Enrollment1 | 151,983 | Years | Premium Rate | |
| Initial 4 | 1 to 4 | |||
| Year Term |
| Renewal | 5 | |
| Terms | 6 | |
| 7 | ||
| 8 | ||
| 1Enrollment as of May 01, 2023. |
B2: BASIC GROUP TERM LIFE FOR ELIGIBLE EMPLOYEES
Group Term Life Insurance Page &P of &N
B3 Vested Legislator Basic Term Life Insurance Coverage for Vested Legislators
| Life Insurance Benefit | $150,000 | Rate per $1,000 per Month | ||
| Equal to life insurance benefit | ||||
| Eligibility | Vested Legislators | Years | Premium Rate | |
| Estimated Annual Enrollment1 | 138 | Initial 4 | 1 to 4 | |
| Year Term | ||||
| 5 | ||||
| Renewal | 6 | |||
| Terms | 7 | |||
| 8 | ||||
| 1Enrollment as of May 01, 2023. |
B3: GROUP TERM LIFE FOR VESTED LEGISLATORS
Group Term Life Insurance Page &P of &N
B4 Retired Employees
Basic Term Life Insurance Coverage for Retired Employees
Benefit Options of $2,500 or $10,000
Eligibility Retired Employees (must stay continuously covered)
Estimated Annual Enrollment1 12,019 Estimated Annual Enrollment1 16,397
| $2,500 Coverage | $10,000 Coverage | ||||
| Rate Per $1,000 Month | Rate Per $1,000 Month | ||||
| Year | Preium Rate | Year | Premium Rate | ||
| Initial 4 | Initial 4 | ||||
| Year Term | 1 to 4 | Year Term | 1 to 4 | ||
| 5 | 5 | ||||
| Renewal | 6 | Renewal | 6 | ||
| Terms | 7 | Terms | 7 | ||
| 8 | 8 | ||||
| 1Enrollment as of May 01, 2023. |
B4: GROUP TERM LIFE COVERAGE FOR RETIRED EMPLOYEES
Group Term Life Insurance Page &P of &N
B5 Spouses
Spouse Term Life Insurance Coverage
Benefit Options of $15,000 or $20,000
Eligibility Spouses of Eligible Employees and Vested Legislators
Estimated Annual Enrollment1 2,861 Estimated Annual Enrollment1 11,067
| $15,000 Coverage | $20,000 Coverage | ||||
| Rate Per $1,000 Month | Rate Per $1,000 Month | ||||
| Year | Preium Rate | Year | Premium Rate | ||
| Initial 4 | Initial 4 | ||||
| Year Term | 1 to 4 | Year Term | 1 to 4 | ||
| 5 | 5 | ||||
| Renewal | 6 | Renewal | 6 | ||
| Terms | 7 | Terms | 7 | ||
| 8 | 8 | ||||
| 1Enrollment as of May 01, 2023. |
B5: GROUP TERM LIFE FOR SPOUSES
Group Term Life Insurance Page &P of &N
B6 Dependent Child Dependent Child Term Life Insurance Coverage
| Benefit | $10,000 | Rate Per $1,000 Month (covers all children in a family) | ||
| Eligibility | Dependent Children of Eligible | |||
| Employees and Vested Legislators | Year | Premium Rate | ||
| Estimated Annual Enrollment1 | 24,365 | Initial 4 | ||
| Year Term | 1 to 4 | |||
| 5 | ||||
| Renewal | 6 | |||
| Terms | 7 | |||
| 8 | ||||
| 1Enrollment as of May 01, 2023. |
B6: GROUP TERM LIFE FOR DEPENDENT CHILD
Group Term Life Insurance Page &P of &N
B7 Optional Group Term Life
ATTACHMENT B - PRICE SHEET
B7: OPTIONAL GROUP TERM LIFE
Optional Term Life Insurance Coverage for Active Employees
| Multiple of 1 to 7 times annual earnings up to $1 million maximum | |
| Life Insurance Benefit | Equal to life insurance benefit |
Eligibility Active Full-Time, Part-Time Employees
Estimated Annual Enrollment 38,995
| Initial Term - Years 1 to 4 | Premium Rate | |
| Rate per $1,000 | ||
| Active Employees | Estimated | |
| Enrollment1 | ||
| < 30 | 2,033 | |
| 30 - 34 | 2,841 | |
| 35 - 39 | 4,243 | |
| 40 - 44 | 5,447 | |
| 45 - 49 | 5,835 | |
| 50 - 54 | 6,649 | |
| 55 - 59 | 5,896 | |
| 60 - 64 | 4,088 | |
| 65 - 69 | 1,501 | |
| ≥70 | 462 | |
| Renewal Term - Year 5 | Premium Rate | |
| Rate per $1,000 | ||
| Active Employees | Estimated | |
| Enrollment1 | ||
| < 30 | 2,033 | |
| 30 - 34 | 2,841 | |
| 35 - 39 | 4,243 | |
| 40 - 44 | 5,447 | |
| 45 - 49 | 5,835 | |
| 50 - 54 | 6,649 | |
| 55 - 59 | 5,896 | |
| 60 - 64 | 4,088 | |
| 65 - 69 | 1,501 | |
| ≥70 | 462 | |
| Renewal Term - Year 6 | Premium Rate | |
| Rate per $1,000 | ||
| Active Employees | Estimated | |
| Enrollment1 | ||
| < 30 | 2,033 | |
| 30 - 34 | 2,841 | |
| 35 - 39 | 4,243 | |
| 40 - 44 | 5,447 | |
| 45 - 49 | 5,835 | |
| 50 - 54 | 6,649 | |
| 55 - 59 | 5,896 | |
| 60 - 64 | 4,088 | |
| 65 - 69 | 1,501 | |
| ≥70 | 462 | |
| Renewal Term - Year 7 | Premium Rate | |
| Rate per $1,000 | ||
| Active Employees | Estimated | |
| Enrollment1 | ||
| < 30 | 2,033 | |
| 30 - 34 | 2,841 | |
| 35 - 39 | 4,243 | |
| 40 - 44 | 5,447 | |
| 45 - 49 | 5,835 | |
| 50 - 54 | 6,649 | |
| 55 - 59 | 5,896 | |
| 60 - 64 | 4,088 | |
| 65 - 69 | 1,501 | |
| ≥70 | 462 | |
| Renewal Term - Year 8 | Premium Rate | |
| Rate per $1,000 | ||
| Active Employees | Estimated | |
| Enrollment1 | ||
| < 30 | 2,033 | |
| 30 - 34 | 2,841 | |
| 35 - 39 | 4,243 | |
| 40 - 44 | 5,447 | |
| 45 - 49 | 5,835 | |
| 50 - 54 | 6,649 | |
| 55 - 59 | 5,896 | |
| 60 - 64 | 4,088 | |
| 65 - 69 | 1,501 | |
| ≥70 | 462 | |
| 1Enrollment as of May 01, 2023. |
B7: OPTIONAL GROUP TERM LIFE
RFP No.: DMS 22/23-084 Group Term Life Insurance Page &P of &N
B8 Summary
| 90% | 10% | |||||||
| Initial Term Year | Renewal Term Year | |||||||
| 1 to 4 | Average | 5 | 6 | 7 | 8 | Average | Weighted | |
| Basic Life for Eligible Employees | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.000 | $0.000 |
| Vested Legislator Life Insurance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.000 | $0.000 |
| Retired Employees $2,500 Life Insurance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.000 | $0.000 |
| Retired Employees $10,000 Life Insurance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.000 | $0.000 |
| Spouse $15,000 Life Insurance (PSPM)1 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.000 | $0.000 |
| Spouse $20,000 Life Insurance (PSPM)1 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.000 | $0.000 |
| Dependent Child Life Insurance (PCPM)2 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.000 | $0.000 |
| Optional Active Life Insurance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.000 | $0.000 |
| 1Per Spouse Per Month |
2Per Child Per Month
| Blended Premium per $1,000 per Month | |
| Premium | |
| per $1,000 | |
| Blended Premium | $0.000 |
*Estimated premiums are for comparison purposes only and are based on current enrollment and coverages as well as estimated spouse coverage. Actual premiums will be based on actual enrollment and elections.
B8: RESPONSE SUMMARY AND WEIGHTING
Group Term Life Insurance Page &P of &N
File details come from the government source that posted it. Updated .