NU Online News Service, Oct. 8, 2:15 p.m. Sun Life Insurance and Annuity Company of New York today introduced medical stop-loss insurance for employers with self-funded medical plans. Stop-loss, a layer of insurance that provides protection to employers who choose to self-fund their health care plans, gives financial protection against catastrophic claims, such as organ transplants or cancer.
“We have seen a growing market for self-funding,” says Michael Shunney, vice president, group insurance for Sun Life Insurance and Annuity, a member of the Sun Life Financial group of companies.
“As the cost of fully insured health plans continues to rise, there’s a renewed interest in self-funding, which offers many cash flow and tax benefits.”
The company also introduced SunSource, an innovative 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, says Shunney.
The stop-loss coverage is available to employers with 150 or more employees.