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Group Health Insurance

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IBA exclusive member benefit: Group Health Plan

The IBA and IBC have developed this fully insured health insurance plan to provide our member banks with a group option that offers greater purchasing power and more stability in premium increases. As an IBA member bank, now you can provide your employees with the coverage they want at affordable prices. This is a unique opportunity for IBA member banks to join together and form an alliance to purchase their employee benefits.

Group plans like the Illinois Bankers Association Group Health Insurance Plan provide all of our member banks with the buying power to purchase health insurance and ancillary services at prices previously available only to the largest employers.

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Benefits

  • Flexibility with Deductibles – An employer has the option to choose a PPO with a deductible amount of either $500, $1,000, $1,500, $2,000, or $3,000, or an HSA with a deductible amount of either $1,500, $3,000, or $5,000, giving your employees complete flexibility based on their needs. For those banks that self-insure a portion of the deductible, this plan is designed to accommodate that option, too.

  • Flexibility with Coverage – Our group plan offers not only single coverage and family coverage, but also employee and spouse only coverage or employee and child (or children) only coverage.

  • Life Insurance Coverage – Each employee will have $10,000 of life insurance with matching $10,000 Accidental Death & Dismemberment coverage. Your bank may elect to increase this amount of coverage for all employees up to three times the employee’s Base Annual Earnings for Life and AD&D, up to a maximum of $250,000. This is one of the least expensive but most beneficial benefits that an employer can provide.

  • Short Term Disability (STD) and Long Term Disability (LTD) Coverage – Our group plan offers both Short Term and Long Term Disability benefits that afford income protection to bank employees in the event that a disability prevents them from working.  If an employee must miss work, our insurance carrier will ensure that specialized resources and support remain in place to help the employee return to work as soon as safely possible.

  • Dental Coverage – Our group plan offers a “passive” PPO dental option that affords the savings of a PPO plan, with the freedom to see any dentist.  The plan provides a $1,500 annual maximum and a $1,500 lifetime orthodontic maximum for children.

  • Vision Care Coverage – Our group plan includes Standard Vision coverage in all medical plan options, with routine eye exams covered and co-pays and discounts on materials.  In addition, your bank may elect to offer one of two more robust vision plans tailored for employees.  Employees value vision care coverage as an excellent fringe benefit that can only be provided by their employer.

  • Out-of-State Coverage – Our insurance carrier, UnitedHealthcare®, has an extensive national and international health care network.

  • Early Retirement Option – This unique benefit allows retiring or departing employees with 5 or more years of employment at your bank who have attained the age of 60 or over to remain on our group plan until they reach Medicare-Eligible Age. This benefit also is available for the employee’s spouse and children.

  • No Balance-Billing – All of the PPO options have a $20, $25, or $30 co-pay and “no balance billing.” No balance billing is the in-network provider agreement to accept the claim payment from our carrier, UnitedHealthcare®, as payment in full for their services.

  • Other Specialized Services – Coverage also includes routine exams, “well child” services, chiropractic care, outpatient services, and prescription drugs.

For more information, contact the IBA's Group Health Plan.