Guardian Introduces Stop Loss Insurance for Self-Funded Health Plans

barbara.lempert

Helps Limit Financial Risk for Employers from Unpredictable Claims

October 10, 2013 10:08 AM Eastern Daylight Time

NEW YORK–(BUSINESS WIRE)–The Life Company of America (®), one of the nation’s largest mutual life insurers and a leading provider of employee benefits, today introduced its insurance product for employers that self-fund their own . Guardian’s Stop Loss insurance helps mitigate employers’ financial risk when self-funding a medical plan by providing protection against catastrophic or unpredictable claims. The product is currently approved in 23 states with nationwide approval expected by mid-2014.

“When it comes to Stop Loss protection, financial stability is a critical consideration. Guardian has a long history of financial strength*, which helps assure brokers and employers that they can rely on our company today and into the future.”

A Kaiser Family Foundation study revealed that approximately 60 percent of U.S. employees covered by employer-sponsored health insurance were in firms that self-insure in 2011. While traditionally a preferred funding option for large employers, self-funded medical plans also can be an attractive option for mid-sized and small employers. Having a self-funded model for health plans has the potential to provide reduced premiums, lower costs, and improved cash flow.

By placing a limit on the total financial risk employers can face, Stop Loss reduces the uncertainty and the potential liability of self-funding medical plans. Guardian’s insurance has no minimum threshold to meet before a reimbursement is paid and offers seamless coordination with the employer’s medical carrier or Third Party Administrator (TPA) for timely claims reimbursements.

“As employers seek ways to control costs, shifting to a self-funded health plan is something they may consider. Guardian’s Stop Loss insurance enables employers – large or small – that…Read more

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