(f)(1) Any county board of school directors may make contracts of insurance with any insurance company, or nonprofit hospitalization corporation, or nonprofit medical service corporation, authorized to transact business within the Commonwealth, insuring its employes, their spouses and dependents and retired employes under a policy or policies of group insurance covering life, health, hospitalization medical service, or accident insurance, and for such purposes may agree to pay part or all of the premiums or charges for carrying such contracts, and may include the cost of such charges in its estimate of the cost of operating and administering classes or schools for children with physical or intellectual disabilities to be operated by the county board during the ensuing school year. No contract or contracts of insurance authorized by this section shall be purchased from or through any person employed by the county board in a teaching or administrative capacity.

(2) The county board of school directors is hereby authorized to deduct from the employe's pay, salary, or compensation, such part of the premium as is payable by the employe and as may be so authorized by the employe in writing.

(3) All contracts procured hereunder shall conform and be subject to all the provisions of any existing or future laws concerning group insurance contracts.