Stop Loss Insurance for Businesses

It’s an understatement to say that health insurance has been in the news lately. Increasingly businesses are turning to self-insurance as a solution to rising health care costs. Stop loss insurance is a critical component to this approach. Stop Loss Insurance Brokers, Inc. works with your current insurance broker or consultant to provide you with additional options by separately bidding your stop loss insurance which could save you money or provide you with better insurance for your current rate.

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The Attack on Self-Funding

How We Can Help

Whether your company is currently self-funded or is considering self-funding for health insurance, Stop Loss Insurance Brokers, Inc. is a valuable resource.   Sign up for our newsletter and read our blog to get fresh ideas on this specialized service form our experts who are working in it every day.

Currently self-insured?

How to Separately Quote your Stop Loss Insurance:

  • Contact us to discuss your current program and your needs so that we can determine how best to help you.
  • Provide information (claim history, census, plan design)   so that we can solicit competitive quotes.
  • Allow 90 days prior to renewal to ensure timely quotes.
  • Review results with us and chose a competitive, quality program to meet   your coverage and cost needs

Considering self-funding?

Is your company a good candidate for self-funding?

  • Size of employee   population.   Self funding can start with as few as 10 employees and go up to 10,000+.   Plans can be tailored to every level.
  • Ability to know your claims experience.   Your history will help predict your future liability when considering   self-funding.
  • Financial stability.   This will allow for cash on hand in order   to pay claims directly.
  • Ability and desire to take on risk.   The group must be able to withstand fluctuations in claim liability during the year.
  • Willingness to manage claims of the group.

We can help you navigate these factors to determine if self-funding is an option.   If it is, we can help develop a self-funding program to meet your needs.

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In 2011, the top 5 most expensive medical conditions treated in US hospitals were: Septicemia, Osteoarthritis, Complication of device, implant or graft, Liveborn, and Acute myocardial infarction

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From 2010 to 2013, the number of claims that were individually $1 million or above rose by 1,000%

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In 2017 approximately 18% of the American public will purchase insurance through exchanges, radically transforming the health insurance landscape.

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In 2014, 98% of large firms (= 200 Workers) offer 1+ wellness programs to their employees.

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The most costly 1% of patients account for 20% of national health expenditures – accruing average annual expenses of nearly $90,000 per person.

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6% of firms offering fully-insured plans report they intend to self-insure because of Obamacare.

Reference: “2013 Employer Health Benefits Survey”. The Henry J. Kaiser Family Foundation.

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In 2014, PPO plans remained the most common plan type, enrolling 58% of covered workers.

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In 2012, 93% of businesses with 5,000+ employees and 80% of companies with 1,000-4,999 employees were self-funded

Massachusetts has the third-highest prevalence of self-funded insurance in the small-group market (Fewer than 50 employees).

Reference: “Self-Insured Health Plans: State Variation and Recent Trends by Firm Size”. Employee Benefit Research Institute, Nov 2012, Vol. 33, No. 11.

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In 2013, the average deductible was $2,906 for individuals selecting plans from marketplaces. This compares with average deductibles of $1,135 for an individual with employer coverage.

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In 2013, the average annual premiums for employer-sponsored health insurance are $5,884 for single coverage and $16,351 for family coverage, up 5% and 4% respectively from 2012.

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From 2010 – 2013, cancer followed by chronic/end stage renal disease and leukemia accounted for the top 3 costliest illnesses.

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