Navigation Links
Swiss Re's Employer Stop Loss Product Offers US Companies Cost Savings for Self-Funded Health Insurance Plans
Date:1/28/2009

OVERLAND PARK, Kan., Jan. 28 /PRNewswire/ -- Swiss Re's Employer Stop Loss insurance coverage is providing benefits to the growing number of companies interested in self-funding their employee health plans in the United States. The coverage enables employers to cap their liability and benefit from self-funding their employee health plans.

The Employer Stop Loss offering is available in all 50 states and the District of Columbia through Westport Insurance Corp., the Swiss Re company that underwrites this product. Swiss Re is the first carrier to offer self-funding coverage to fully insured employer groups of 100 - 1,000 employees on a national basis.

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 Jeff Argotsinger, Senior Vice President for the Employer Stop Loss business at Swiss Re.

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 Matt Leming, Vice President and Sales Manager for Swiss Re's Employer Stop Loss business.

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 USD 600,000 this year by self-funding, supported by Swiss Re's Stop Loss Coverage and with our third party administrator's help," adds Tad Roan, Chief Financial Officer, Crescent Directional Drilling. "We have especially enjoyed the flexibility and freedom the product has given us."

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 Zurich, Switzerland, in 1863, Swiss Re offers financial services products that enable risk-taking essential to enterprise and progress. The company's traditional reinsurance products and related services for property and casualty, as well as the life and health business are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re is rated "AA-" by Standard & Poor's, "Aa2" by Moody's and "A+" by A.M. Best.


'/>"/>
SOURCE Swiss Re
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Swiss Medical Group Selects ILog JRules to Streamline Claims Processing
2. Swiss Institute of Bioinformatics announces major breakthrough
3. Swiss Systems Biology Initiative announces Flagship Projects
4. First Pharmaceutical Company Comes to Hoboken, NJ: Swiss-Based Octapharma to Move U.S. Headquarters to SJP Properties Waterfront Corporate Center II
5. Swiss study suggests surgery may offer best chance of long-term prostate cancer survival
6. NCQA Awards Accredited Status to ValueOptions(R) North Carolina Employer Solutions Service Center
7. Media Alert: PricewaterhouseCoopers Publishes Brief on the Impact of Government Health Reform on U.S. Employers
8. Survey Finds Employers Split on Impact and Cost of Migraine
9. Hospital-Employer Partnerships Growing as Employers Seek Ways to Improve Health and Manage Dollars in Tough Economic Times
10. Bioniche Named One of the Top 50 Best Small and Medium Employers in Canada
11. SXC Health Solutions selected by UFCW & Employers Benefit Trust to provide PBM services
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... Ky. (PRWEB) , ... October 13, 2017 , ... The ... MPH to become its next President and Chief Executive Officer, succeeding Dr. James C. ... CEO Elect beginning July 1, 2018 until Dr. Puffer’s retirement at the end of ...
(Date:10/13/2017)... ... 13, 2017 , ... Lori R. Somekh, founder of the Law Office ... of elder law and special needs planning attorneys. “Membership in ElderCounsel helps our office ... forum to network with elder law attorneys nationwide,” said Somekh. , ElderCounsel ...
(Date:10/13/2017)... ... ... Ellevate Network, the leading network for professional women, brought together some of ... their inaugural Summit in New York City in June. The event was livestreamed with ... 3 million. To watch the Mobilize Women video, click here . , ...
(Date:10/13/2017)... (PRWEB) , ... October 13, 2017 , ... ... DevOps and Agile Software Development, has been awarded a contract by the Center ... Purchase Agreement (BPA) aims to accelerate the enterprise use of Agile methodologies in ...
(Date:10/12/2017)... CA (PRWEB) , ... October 12, 2017 , ... ... Cheng, are now treating sleep apnea using cutting-edge Oventus O2Vent technology. ... a serious sleep disorder characterized by frequent cessation in breathing. Oral appliances can ...
Breaking Medicine News(10 mins):
(Date:10/4/2017)... Oct. 4, 2017 OBP Medical ... illuminating medical devices, today announced regulatory approval from ... Agency (or Agência Nacional de Vigilância Sanitária (ANVISA)) ... cordless surgical retractor with integrated LED light source ... illumination and exposure of a tissue pocket or ...
(Date:10/2/2017)... Fla. , Oct. 2, 2017  AllianceRx Walgreens ... company formed by Walgreens and pharmacy benefit manager Prime ... its new brand, which included the unveiling of new ... , as well as at a few other ... the new brand to patients, some of whom will ...
(Date:9/28/2017)... CHICAGO , Sept. 28, 2017 Hill-Rom ... quarter 2017 earnings conference call and webcast on Friday, ... 8:00 a.m. (EDT) and ending at approximately 8:30 a.m. ... to discussing the company,s 2017 financial performance and guidance ... growth opportunities, initiatives to enhance operational performance, and long-range ...
Breaking Medicine Technology: