NOTES TO FINANCIAL STATEMENTSCITY OF EUSTIS, FLORIDA(Continued)Note 8 - Risk Management (Concluded)Health InsuranceThe City provides life and health insurance benefits to all eligible regular full-timeemployees. The program also provides limited coverage for dental and prescription drugs.Employees pay only for dependent coverage under the health benefit program. Premiumsare deducted from the participating employee's biweekly pay.The insurance plan provides life insurance coverage in the amount of $20,000 for eligibleemployees and $50,000 for division and department heads with an additional amount ofcoverage for accidental death and dismemberment.The amount of coverage is reduced to $10,000 for all employees at retirement. Coverageis further reduced to $6,500 upon achieving age 65 and $5,000 at age 70. Accidental deathand dismemberment coverage terminates after age 70. The life insurance coverage isfunded through the purchase of a group insurance policy by the City.The City's health insurance plan is purchased through the pool as mentioned above. Thischange to a group insurance pool became effective October 1, 2003. Retirees andterminated employees are eligible to participate in the health insurance plan at their ownexpense. In order to control costs, the City has joined a Preferred Provider Organization(PPO).Employees are encouraged to use participating providers, which are covered 80% underthe plan or, they may choose their own provider. Coverage for expenses rendered bynonparticipating providers is limited to 40%, with the employee paying 60% co-pay.80
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