Illinois Credit Union League Launches Association Health Plan
The Illinois Credit Union League (ICUL), in partnership with Stumm Insurance, a leading provider of employee benefits, is pleased to announce the launch of 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 plan launched on January 1, 2024, for 29 credit unions with less 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.
“We are thrilled to partner with Stumm Insurance to bring this valuable resource to our member credit unions,” said Tom Kane, CEO of the Illinois Credit Union League. “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.”
Benefits of the ICUL AHP:
Cost Savings: By joining a large group plan, credit unions gain access to potentially lower premiums due to increased risk-sharing capabilities.
Choice and Flexibility: The plan provides credit unions with a variety of plan options to best suit their specific needs and budgets.
Proven Partner: Stumm Insurance brings extensive experience in designing and managing employee benefit programs, ensuring a smooth implementation process for credit unions.
“We understand the unique challenges credit unions face in attracting and retaining top talent,” said Jonathon Schmidt, VP of Sales and Marketing at Stumm Insurance. “The plan is designed to address those challenges by offering a cost-effective and comprehensive healthcare solution.”
After the initial year, ICUL 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. Credit unions interested in learning more about the AHP are encouraged to contact the Illinois Credit Union League via email at hello@icul.com.