MISBO/ISBC HEALTH INSURANCE PROGRAM

The Independent School Benefits Consortium (ISBC), founded in 2003, is an employee benefit program that provides independent schools comprehensive health insurance for their employees that focuses on cost control through an innovative funding mechanism and managing health risks. Built on the foundation of enhanced choice, price and plan member advocacy, the MISBO/ISBC Health Insurance Program is designed to focus on risk sharing, rate stability, benefits options, customer service and strategic planning for MISBO member schools.

How Does This Work?

The ISBC was created by your fellow independent school leaders, exclusively for independent schools, in response to rising cost of healthcare and the desire to take control of their health insurance spend. It is an employee benefit solution that focuses on cost control through an innovative funding arrangement and cultivating a healthy work environment. This program enables schools to have the flexibility of plan design, full transparency of claim utilization data and incorporates cost saving opportunities through wellness incentives. Core features include technology resources for plan administration, employee engagement, enrollment and compliance services.

ISBC has a track record of performing significantly better than industry standards. In an environment where inflation for medical & Rx cost has been low to mid-double digits since 2010 the ISBC average annual cost has increased only 5.8%. In 2014 the ISBC transitioned to a funding arrangement that allows schools to keep 100% of unused claim dollars. Since this time, the ISBC average overall actual cost increased less than 2% per year, and has distributed over $14 million of unused premium back to its member schools.

Regardless of when your current plan renews you are able to join ISBC at any time. All fully insured plans are 30-day contracts which means you can terminate that plan with 30-day notice to your carrier. Although the renewal date for the ISBC is January 1st, the program has flexible effective dates so you can join at any point during the year.

Contact Kurt Meinberg, Team Leader ISBC, Oswald Companies at 216.658.5034 or at kmeinberg@oswaldcompanies.com for more information.