Guardian Introduces Stop Loss Insurance for Self-Funded Health Plans
Helps Limit Financial Risk for Employers from Unpredictable Claims
October 10, 2013 10:08 AM Eastern Daylight Time
NEW YORK--(BUSINESS WIRE)--The Guardian Life Insurance Company of America (Guardian®), one of the nation’s largest mutual life insurers and a leading provider of employee benefits, today introduced its Stop Loss insurance product for employers that self-fund their own health plans. 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 self-fund to manage plan costs while still delivering the health coverage their employees require,” said Ray Marra, Vice President Group Products at Guardian. “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.”
*Financial information concerning The Guardian Life Insurance Company of America as of 12/31/12 on a statutory basis: Admitted Assets = $37.5 Billion; Liabilities = $32.8 Billion (including $28.6 Billion of Reserves); and Surplus = $4.7 Billion.
A mutual insurer founded in 1860, The Guardian Life Insurance Company of America and its subsidiaries are committed to protecting individuals, business owners and their employees with life, disability income and dental insurance products, and offer funding vehicles for 401(k) plans, annuities and other financial products. Guardian operates one of the largest dental networks in the United States, and protects more than six million employees and their families at 115,000 companies. The company has approximately 5,000 employees in the United States and a network of over 3,000 financial representatives in more than 80 agencies nationwide.
For more information about Guardian, please visit www.GuardianLife.com.
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Posted: October 2013