The ISAS Trust

What The ISAS Trust does

The ISAS Trust, formally The Independent Schools Association of the Southwest Group Benefits Trust, is a tax-exempt 501(c)(9) Voluntary Employees' Beneficiary Association (VEBA) established in 1989 to provide self-funded group benefits to employees of ISAS member schools. It is governed by ERISA, registered as a Multiple Employer Welfare Arrangement (MEWA) in Oklahoma, and operates as a Benefits Consortium under the Texas Education Code. As of January 1, 2025, the Trust serves 25 member schools across Texas and Oklahoma, covering almost 3,600 employees and more than 6,000 total individuals, with a Board of Trustees structure where each school holds a seat.

The Trust's core offering is a modular benefits package anchored by two self-funded medical plans (a Consumer Directed Health Plan and a Copay Plan) that leverage the BlueCross BlueShield PPO network and CVS Caremark for prescription drug coverage. These are supplemented by two self-funded dental plans (CignaDental), a fully-insured vision plan (EyeMed), HSA and FSA administration (Health Equity), fully-insured long-term disability and life/AD&D coverage (The Standard), and value-added services including Teladoc telehealth, Lantern Specialty Care surgical coordination, a Health Advocate EAP, and a wellness incentive program. Third-party administration, including claims processing and machine-readable file publication, is handled by AmeriBen.

The Trust operates as a consortium pool, collecting premium contributions from member schools and passing the majority through to claims. Its economic model is differentiated by an administrative cost ratio of 1.4 cents per $1 of premium and plan increases held to a 3.4% compound annual growth rate from 2017-2025, compared to a 5.2% national average for employer-sponsored insurance. Member schools must be ISAS-accredited, achieve 60% employee participation, and commit to a minimum 3-year term for health plan participation. Premium reductions of 10% in 2019 and 5% in 2020 were awarded to members, illustrating the cooperative surplus distribution model.

Name

The ISAS Trust

Legal name

The Independent Schools Association of the Southwest Group Benefits Trust

Website

https://isastrust.org

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

11–50 employees

Short description

The ISAS Trust is a 501(c)(9) VEBA benefits consortium that provides self-funded medical, dental, vision, disability, and life insurance plans to 25 ISAS-accredited independent schools across Texas and Oklahoma, covering approximately 3,600 employees and 6,000 total individuals.

Ownership category

akta.pro rank

Product category

Group Health and Welfare Benefits (Self-Funded)

NAICS

Health and Welfare Funds (525120), Insurance and Employee Benefit Funds (5251), Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)

SIC

Accident & Health Insurance (6321), Hospital & Medical Service Plans (6324), Life Insurance (6311)

akta.pro primary industry

Flexible Benefits Administration (FSA/HSA/HRA) (HLAEALAK)

akta.pro secondary industry

Employee Benefit & Retirement Plan Trust Services (FSAAANAC)

Keywords

• Self-funded health plans
• Employee benefits consortium
• School group benefits
• VEBA trust benefits
• Independent school insurance

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Self-Funded Premium Contributions: Member schools pay premium contributions to fund the self-insured benefit pool. The trust operates with only 1.4 cents of each $1 premium going to non-claim or non-benefit costs. Premium reductions of 10% in 2019 and 5% in 2020 were awarded to members.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

The ISAS Trust is a 501(c)(9) VEBA group benefits trust that provides self-funded medical, dental, vision, prescription drug, HSA/FSA, long-term disability, and life insurance plans to employees and dependents of accredited ISAS member schools in Texas and Oklahoma. It operates as a Benefits Consortium under the Texas Education Code, pooling premium contributions from 25 member schools to deliver comprehensive benefits with a 1.4 cent administrative cost ratio.

Product overview

The ISAS Trust is a group benefits trust (VEBA) offering a comprehensive, modular benefits package to member independent schools. The core offering includes two self-funded medical plans (CDHP and Copay Plan) with prescription drug coverage through CVS Caremark, using the BlueCross BlueShield PPO network. These are supplemented by two self-funded dental plans (CignaDental) and a fully-insured vision plan (EyeMed). For tax-advantaged savings, the Trust offers HSA and multiple FSA options (healthcare, dependent care, and limited-purpose) administered by Health Equity. Insurance products include long-term disability and life/AD&D coverage through The Standard. Wellness benefits include the Healthy Choice Wellness Program and an Employee Assistance Program (EAP) through Health Advocate. Schools can participate in any and all plans for which they are eligible, building a customized benefits package.

Differentiator

Problem solved

Functional benefit

Products and services

• CDHP (Consumer Directed Health Plan) Self-funded medical plan using the BlueCross BlueShield PPO network with prescription drug coverage through CVS Caremark, compatible with a Health Savings Account (HSA) for tax-advantaged out-of-pocket expense savings. Designed for ISAS member school employees.
• Copay Medical Plan Traditional co-pay medical plan using the BlueCross BlueShield PPO network with comprehensive prescription drug coverage through CVS Caremark. Designed for ISAS member school employees.
• CignaDental Plans Two self-funded dental plans administered by CignaDental, covering preventive care, fillings, crowns, and implants, with one plan also covering orthodontia. Available to ISAS member school employees.
• EyeMed Vision Plan Fully-insured vision plan administered by EyeMed, covering eye exams, lenses, frames, and contact lenses. Available to ISAS member school employees.
• Health Savings Account (HSA) Tax-advantaged savings account for out-of-pocket medical expenses, compatible with the CDHP plan, administered by Health Equity. Available to ISAS member school employees.
• Healthcare Flexible Spending Account (FSA) Tax-free healthcare FSA for eligible health care services and items, administered by Health Equity. Available to ISAS member school employees.
• Dependent Care Flexible Spending Account (FSA) Tax-free dependent care FSA for day care expenses, administered by Health Equity. Available to ISAS member school employees.
• Limited-Purpose Healthcare FSA Limited-purpose healthcare FSA for HSA-compatible plan participants, administered by Health Equity. Available to ISAS member school employees.
• Long-Term Disability Insurance Fully-insured long-term disability coverage administered by The Standard. Available to ISAS member school employees.
• Life and AD&D Insurance Fully-insured life and accidental death and dismemberment coverage, including additional voluntary life options, administered by The Standard. Available to ISAS member school employees.
• Healthy Choice Wellness Program Wellness program providing financial incentives (HSA or HRA contributions) for employees and spouses who participate in health improvement activities. Available to ISAS member school employees.
• Employee Assistance Program (EAP) 24/7 access to health and well-being information and clinical support for medical, family, financial, and emotional needs, provided by Health Advocate. Available to ISAS member school employees and their dependents.

Quantifiable outcome

• Plan increases held to 3.4% CAGR (2017-2025) vs 5.2% national average for employer-sponsored insurance
• +3 more outcomes

Named customers12 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

Feature1 record

Partnerships

Eleven partnerships are on record, tiered core and supporting.

• BlueCross BlueShield (BCBS)coreTechnology or IntegrationBCBS PPO network provides access to one of the largest provider networks nationwide with negotiated deeply discounted rates for medical services, resulting in direct cost savings for plan members who use BCBS network providers.
• CVS CaremarkcoreTechnology or IntegrationProvides comprehensive prescription drug coverage integrated with both medical plan options (CDHP and Copay plans).
• CignaDentalcoreTechnology or IntegrationAdministers two dental plans covering preventive care, fillings, crowns, implants, and orthodontia services.
• EyeMedcoreTechnology or IntegrationAdministers vision plan covering eye exams, lenses, frames, and contact lenses.
• Health EquitycoreTechnology or IntegrationAdministers Health Savings Account (HSA), healthcare FSA, dependent care FSA, and limited-purpose healthcare FSA for HSA-compatible plans.
• The StandardcoreTechnology or IntegrationAdministers long-term disability, life, accidental death and dismemberment, and additional voluntary life coverages on a fully-insured basis.
• AmeriBencoreTechnology or IntegrationThird-party administrator (TPA) providing claims administration services. Creates and publishes machine-readable transparency files on behalf of ISAS Trust.
• Lantern Specialty Care (formerly SurgeryPlus)supportingTechnology or IntegrationMedical disease and care management organization providing surgery journey coordination services. Creates and publishes machine-readable transparency files.
• Health AdvocatesupportingTechnology or IntegrationProvides Employee Assistance Program (EAP) offering access to health and well-being information 24 hours a day, 7 days a week, including clinicians for medical, family, financial, and emotional support.
• TeladocsupportingTechnology or IntegrationTelehealth services portal (including formerly Best Doctors) providing virtual medical consultations for plan members.
• ISAS (Independent Schools Association of the Southwest)coreStrategic or Co-development PartnerParent organization that established the ISAS Trust in 1989 with three member schools. The Trust is available only to ISAS member schools that are accredited by ISAS.

Scale indicators5 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• BeneSys: TPA specializing in multi-employer Taft-Hartley and VEBA benefit fund administration, including health and welfare trusts. Operates a structurally similar pooled self-funded benefits model to ISAS Trust's VEBA.
• AmeriBen: Third-party administrator that provides claims administration and CAA transparency file production for ISAS Trust. AmeriBen serves as a TPA for self-funded employer health plans including MEWA and VEBA structures, making it a directly comparable operating peer.

Broad incumbents

• HealthEquity: Administers HSA, FSA, dependent care FSA, and COBRA for ISAS Trust; a broad incumbent in consumer-directed benefit accounts that competes for the same employer benefit wallet share.
• Cigna Group: CignaDental administers ISAS Trust's dental plans; Cigna's broader group benefits and Evernorth/PBM businesses compete for the same employer-sponsored benefits spend that ISAS Trust pools.
• Blue Cross Blue Shield of Texas: Owns the PPO network that ISAS Trust leverages for member access; a broad incumbent carrier competing for the same employer-sponsored benefits business that ISAS Trust serves via consortium.
• The Standard: Administers long-term disability, life, and AD&D coverage for ISAS Trust; competes in the group disability and life insurance market against the same employer benefits buyers.
• EyeMed Vision Care: Vision plan administrator for ISAS Trust; one of the dominant U.S. vision benefit carriers competing for group vision business on the same RFP cycles.
• CVS Caremark: Pharmacy benefit manager providing prescription drug coverage to ISAS Trust members and competing more broadly in the PBM and group benefits administration space.

Others

• NFP (Aon): Benefits broker and consultant with a strong education-sector practice; competes for the benefits advisory and brokerage role that ISAS Trust effectively replaces via its in-house consortium model.
• Mercer (Marsh McLennan): Benefits consulting and brokerage firm advising independent schools and education sector employers on benefits strategy; an adjacent ecosystem participant competing for influence over how schools procure benefits.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The ISAS Trust