Independent Education is pleased to announce a Self-Funded Health Benefits Program as the newest benefit to member schools. The program uses the size of the Independent Education community of schools to leverage lower costs, expanded coverage, and strengthened risk management for a wide range of self-funded health and welfare benefits options. For the program, Independent Education is partnering with Employee Benefits Group, Inc. (EBG), acting as the managing broker, and Group Benefits Services (GBS), the third-party administrator. As the cost of health insurance continues to rise, this self-funded program offers a powerful, practical alternative to traditional, fully-funded insurance plans.
The plan provides:
- Potential significant cost-savings over traditionally fully-insured insurance
- Flexibility in plan design to avoid or limit state mandated benefits
- Lower administrative costs
- Avoids state premium tax (2.5%)
- Excellent reporting capabilities
- Improved cash flow -- no carrier claim reserve (IBNR)
- Consistent benefit plan communications
- ERISA plan vs. state insurance departments
- More control in claims administration
- Improved service
Flexible Benefit Options:
- PPO plans
- EPO (HMO-like) plans
- High deductible health plans with an HRA or HSA
- Dual plan options for each school
Mix-and-match benefit variables to meet each school's specific plan objectives
- Deductible amounts
- Co-insurance percentages
- Out-of-pocket maximum
- Office visit co-payments
- Prescription drug benefits
For more information: