American Medical Strategies has released its fourth annual list of the five most researched diagnoses in its PredictDx system. Three of the top five spots were held by cancers in 2017. Continue Reading >
At a time when many people feel powerless over their own health care, giving your employees choices about how they manage their own medical costs is a good thing — both for them and for you. With Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs), and Flexible Spending Accounts (FSAs), self-funded plans are possible for employees to utilize. Continue Reading >
Pooled stop-loss insurance has its pros and cons, depending on your business structure and employee needs. It's essential to take the time to carefully weigh these pros and cons of pooled stop-loss insurance before committing to a policy. Obtaining coverage with a large group of fellow sponsors can garner your company with additional benefits, but also less overall control of the process. Continue Reading >
In a recent stop loss premium survey conducted by Aegis Risk Medical, data exemplified how stop loss coverage continues to play a valuable role for businesses and their employees. Continue Reading >
Insurance industry terminology can be confusing to learn on your own. That's why we've broken down the stop loss term "voluntary benefits" to ensure you grab key takeaways on the process. Continue Reading >
Insurance industry terminology can be confusing to learn on your own. That's why we've broken down the stop loss term "lasering" to ensure you grab key takeaways on the process. Continue Reading >
Stop-loss insurance is not health insurance, but rather a type of financial reinsurance. Unlike health insurance, stop-loss ensures protection from debt when payable claims exceed a deductible. Stop-loss and health benefit plans have seen an increase in disputes regarding what is payable, how much is payable, and what can be covered by stop-loss. This has in turn led to higher amounts of claims paid by benefit plan sponsors that are not covered by stop-loss insurance. Continue Reading >
The Self Insurance Protection Act has provided protection through employer-sponsored insurance to millions of workers within the United States. As this bill continues through the legislative process to become law, self-funded employers need be following the movement of this monumental document for stop loss insurance. Continue Reading >
Hiring a stop loss insurance broker entrusts the specialist with the betterment of your insurance and risk management. To ensure your stop loss insurance broker is acting in your best interest, certain questions must be asked during the hiring process. Continue Reading >
As lawmakers work to improve the quality of healthcare and preventative solutions, the American healthcare system is left with holes that do not address the growing opioid epidemic. As opioid abuse increases, the number of self-funded employers footing the bill for drug abuse issues of employees goes up as well. Self-funded employers need to know how to protect themselves in the current political climate, should this situation arise. Continue Reading >
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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closeFrom 2010 to 2013, the number of claims that were individually $1 million or above rose by 1,000%
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closeIn 2017 approximately 18% of the American public will purchase insurance through exchanges, radically transforming the health insurance landscape.
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closeIn 2014, 98% of large firms (= 200 Workers) offer 1+ wellness programs to their employees.
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closeThe 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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close6% 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.
closeIn 2014, PPO plans remained the most common plan type, enrolling 58% of covered workers.
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closeIn 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.
closeIn 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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closeIn 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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closeFrom 2010 – 2013, cancer followed by chronic/end stage renal disease and leukemia accounted for the top 3 costliest illnesses.
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