MILWAUKEE, Wis. – I-Care, the collaborative employee benefits program for credit unions offered through InterLutions, a CUSO of Corporate Central, said there will be no price increase in 2021 for its Association Health Plan members.
InterLutions said it believes the positive news derives from one key component – collaboration within an industry that consistently performs better than other employer groups from a medical insurance claims perspective. According to InterLutions, the good news for I-Care participants follows a year where credit unions experienced an average cost savings of 12% by switching to the Association Health Plan.
“Our actuarial teams and claims management specialists continually review the vast amounts of data analytics from several years’ worth of credit union employee health claims and we have discovered that credit union employees perform 23% better than all other industries, on a per employee per year (PEPY) claims basis,” stated Jesse Kohl, president of InterLutions. “Our collaborative benefits solution leverages that data and drives down costs so credit unions can deliver better benefits to their employees, with less cost and lower risk.”
Alternative to ‘Shocking’ Costs
I-Care was launched in 2015 and initially offered a unique self-funded insurance model, allowing large credit union participants to purchase medical insurance through an exclusive “credit union only” pool, ultimately reducing the overall cost and risk associated with high cost medical claims.
In 2019, InterLutions launched its I-Care Association Health Plan, which it said is a similar pooled solution, but designed for credit unions of a variety of shapes and sizes.
“The 10-year rising trajectory for healthcare costs is shocking,” Kohl added. “I-Care continues to prove that credit unions are better off collaborating to lower their insurance costs, enhance their benefit plans, and retain their key employees.”
For info: www.InterLutionsCUSO.com.