Stop-loss insurance, which is commonly sold by health insurance brokers and TPA’s allows employers that self-insure with medical coverage to be able to limit their financial exposure in the event that one or more people participating are diagnosed with a high cost health illness. Under a stop-loss policy benefits are paid once costs exceed the company’s stop-loss deductible.
Stop-loss coverage for group medical health insurance generally helps employers manage the risk of paying the entire amount of claims for illnesses and conditions that are highly unpredictable. Prior to the new law many large group companies set aside sufficient reserves to fund medical claims and included lifetime maximum caps per person covered for life of 1million dollars from their Kaiser health insurance plan.
The PPACA limits the lifetime dollar on “essential health benefits”. Employers like yourself, whether it be small or large group, are waiting for further guidance from the US Department of Health and Human Services.
Self insured employers who are looking for group health benefits are reassessing their stop-loss insurance coverage to address their potential their potential financial exposure since the new health care law has come out. Companies are also considering switching to self-insurance with stop-loss coverage as financially attractive alternative.
If you think that you would like to talk about ways to maybe save money on your group on individual health insurance plan give us a call today! We cater to San Jose, Campbell, Los Gatos, Saratoga, Santa Clara, San Francisco, Palo Alto and many other cities. Whether your looking for Kaiser Dental Medical, Anthem BlueCross, Healthnet, Blue Shield, Cigna, Aetna we can answer any and all questions you may have. Just contact our amazing broker Steve Brauer. Or if he’s not available our other talented broker Bonnie Shelton would be happy to help you.
Call now, 421-5555. Have a Save 4th of July weekend!