Swiss Re's Employer Stop Loss Product Offers US Companies Cost Savings for Self-Funded Health Insurance Plans
Posted on: Wednesday, 28 January 2009, 08:18 CST
The Employer Stop Loss offering is available in all 50 states and the
A recent Kaiser/HRET Survey of Employer-Sponsored Health Plans, 1999-2008, indicates that 47% of workers in firms with 200 to 999 employees are in self-funded plans. Firms representing the remaining 53% of employees could potentially benefit from self-funding their employee health insurance. Employers that self-fund their group healthcare coverage gain increased control of the vendors and costs associated with their programs. Self-funded plans create employer cost savings by eliminating premium taxes and selected state-mandated benefits, as well as some insurance carrier margin. Firms can also improve their cash flows and free up capital for investment by maintaining reserves for claims in their own bank accounts during the year.
"Swiss Re's Employer Stop Loss offering addresses a need for groups with up to 1,000 covered lives who want to move from the fully insured environment," said
Firms who choose to self-fund their health insurance also assume the risks associated with partial retention and management of their claims. The Employer Stop Loss offering from Swiss Re provides coverage for catastrophic claims that allows companies to enjoy the benefits of self-funding while limiting their total claim exposure.
"The healthcare landscape is changing and more employers are looking to limit their excess risk, either for specific catastrophic claims from individuals or by the aggregate claim amount," said
Combining actuarial expertise with its extensive claims database enables Swiss Re to provide quotes for Employer Stop Loss coverage without requiring historical health information from the employers' groups current insurance carrier.
"We just finished our first year on a self-funded health plan with Swiss Re providing our stop loss insurance. We saved more than
Companies considering self-funding may contact a Swiss Re appointed producer to review the Swiss Re self-funding financial tool to determine their potential cost savings. The tool was developed by Swiss Re actuaries and is available, along with other information on the Employer Stop Loss offering, at www.swissre.com/commercialinsurance.
Notes to editors
Swiss Reinsurance Company Ltd
Swiss Re is a leading and highly diversified global reinsurer. The company operates through offices in more than 25 countries. Founded in
SOURCE Swiss Re
Source: PR Newswire
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