NAPERVILLE, Ill.– The Illinois Credit Union League said approximately 30 credit unions have now signed up for health insurance through the Illinois Credit Union League Association Health Plan (AHP).
“This innovative plan offers small credit unions across Illinois access to comprehensive and affordable group health insurance plan options under one unified program,” the league said.
The insurance plan is being offered through a partnership with Stumm Insurance,
The insurance program was launched on Jan. 1 for CUs with fewer than 50 employees. To help offset the premiums for participating, Envisant, ICUL’s business subsidiary, made a generous donation to the Illinois Credit Union Foundation for health insurance grants, according to the league.
‘Bargaining Power’
“We are thrilled to partner with Stumm Insurance to bring this valuable resource to our member credit unions,” said ICUL CEO Tom Kane. “The AHP provides small credit unions with the bargaining power of a larger group, allowing them to offer competitive benefits packages to their employees while controlling healthcare costs.”
After the initial year, the ICUL said it hopes to expand the program to include larger credit unions and eventually create a self-insured plan where all ICUL affiliated credit unions can join to share in the cost savings.
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