September 16, 2010
Twelve private Virginia colleges have formed their own health insurance group.
The Council of Independent Colleges in Virginia started the benefits consortium to mitigate spikes in health insurance and tuition rates.
This year the self-insured plan covers 3,000 employees at the 12 institutions plus their family members. Premiums total about $22 million for the plan, which is under contract with Anthem Blue Cross Blue Shield and is federally regulated.
"The Richmond Times-Dispatch" reports that costs are about four percent lower than the colleges would have seen under fully insured plans.
The schools are Randolph-Macon College, Hollins University and Bluefield, Bridgewater, Emory & Henry, Ferrum, Hampden-Sydney, Lynchburg, Mary Baldwin, Roanoke, Sweet Briar and Virginia Intermont colleges.