|
Medical
stop loss insurance
Sun Life Insurance and Annuity Company of New York, a member of
the Sun Life Financial group of companies, today announced the introduction
of Medical stop loss insurance insurance for employers with self-funded
medical plans. The Medical stop loss insurance is a layer of insurance
that provides protection to employers who choose to self-fund their
health care plans. Important for any self-funded employer, stop-loss
gives financial protection against catastrophic claims, such as
organ transplants or cancer.
"We have seen a growing market for self-funding," said Michael Shunney,
vice president, Group Insurance. "As the cost of fully insured Medical
stop loss insurance plans continues to rise, there's a renewed interest
in self-funding, which offers many cash flow and tax benefits."
As more companies self-fund, the need for reliable protection grows.
Employers purchasing Medical stop loss insurance can insure any
type of medical plan, such as those with PPO or HMO-type networks,
as well as other self-funded employee benefits, such as prescription
drug, dental, disability and vision.
|
Despite the many financial benefits, self-funded employers can still
be threatened by health care inflation. To combat rising costs,
Sun Life Insurance and Annuity Company of New York also introduces
SunSource, an innovative Medical stop loss insurance program that
links stop-loss customers to a network of national and local managed
care services. SunSource can help lower an employer's overall costs
by providing access to the company's discounted pricing arrangements.
"We act as a resource to our customers to help them manage their
medical costs and find the best care for catastrophic situations,"
explained Shunney. Designed to supplement existing resources that
are already in place, SunSource can provide better outcomes for
the patient, employer and stop-loss insurer. With no access or percentage-of-savings
fees, SunSource can provide additional savings on: prescription
drugs, organ transplants, durable medical equipment, high risk pregnancies,
neonatal intensive care, behavioral health, home health care and
out-of-network care. This extensive Medical stop loss insurance
program can benefit any employer, including rural or multi-state
companies.
|
