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Vernon Hills weighs joining IPBC to curb rising employee health costs
Summary
Village staff presented a proposal to join the Illinois Public Benefits Cooperative (IPBC), an intergovernmental insurance pool, showing a preliminary quote that would raise premiums about 4% in year one while promising lower long-term volatility and potential savings from pooled purchasing.
Vernon Hills officials discussed an option July 22 to shift the village’s employee health insurance into a multi-municipality pool run by the Illinois Public Benefits Cooperative, or IPBC, as staff seeks to reduce large year-to-year premium swings that strain the general fund.
David Cook, executive director of the IPBC, told the committee the cooperative is a membership-owned intergovernmental agency that pools claims across municipalities and special districts to improve price stability and purchasing power. “The total package is a 4% increase over your current premiums,” Cook said of the IPBC quote, adding that the…
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