Symetra Life Insurance Company will be helping customers comply with the new federal health system laws by offering unlimited annual and lifetime maximum health plan stop-loss insurance.
Symetra, a unit of Symetra Financial Corp., Bellevue, Wash. (NYSE:SYA), says the unlimited stop-loss option will be available on all new and renewed stop-loss policies with effective dates of Sept. 1 or later.
Symetra has been in the stop-loss market since 1976.
The new Affordable Care Act — the legislative package that includes the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act – will be banning lifetime health plan benefits limits and sharply restricting or banning use of annual limits.
Employers that self-fund their health plans, rather than relying on insurance to cover all insured losses, use stop-loss policies to limit the amount of claims risk they assume.