Stop Loss insurance can protect self-funded employers who take on the financial risk of providing health insurance for their employees. This would be in particular aid against large, unpredictable or catastrophic losses from higher than thought claims.
Independence offers a comprehensive approach to self-funded customers’ health plans, helping clients balance and optimise health care costs while enhancing their employees’ health care experience. The work with Sun Life is a demonstration of Independence being committed to its customers.
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The Independence collaboration with Sun Life for Stop Loss insurance will feature:
- customisable solutions with competitive pricing and reduced fees for Independence Blue Cross groups;
- reporting with actionable insights to make it easier for employers to make decisions about their Independence self-funded plans;
- cash flow solutions with an advance funding programme to pay claims at the time they are received, rather than waiting for a reimbursement check after they are paid, and
- other new programme features to be introduced in the future.
“We selected Sun Life after a strategic search where we evaluated their capabilities and partnership approach against other national carriers,” said Mike Sullivan, executive vice president and president of diversified markets at Independence Blue Cross. “In the end, it was a shared vision on how to best meet the needs of our customers that made this the right fit for Independence. With Sun Life, we can add even more value to our employer groups plans.”
“We are excited to partner with Independence Blue Cross on a risk-share agreement,” said Jen Collier, president, Health and Risk Solutions, Sun Life U.S. “Sun Life’s Stop Loss coverage helps employers manage the high costs of care while continuing to offer comprehensive health coverage for their employees. Working with Independence Blue Cross will give self-funded employers in southeastern Pennsylvania a Stop Loss insurance option that helps drive both excellent care and efficient cost outcomes.”
The collaboration will be effective January 1 2024. In addition, select benefits will be available now through the end of 2023.
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