subject: Medical Stop Loss Insurance And Benefits Administration: Expect The Best In Both From Top Agencies [print this page] Underwriting medical stop loss insurance policies should be a core service for a leading agency. The agency should be aligned with carriers with A+ and A ratings and be able to create policies for a number of company types in a variety of industries.
This insurance comes into play in the event of losses that are of an unpredictable or catastrophic nature. It is usually purchased by companies that are self-funding benefits and health plans for their employees, giving them customized, consistent benefits.
An employer who doesnt want to take on 100 percent of liability in the event of a loss will normally have stop loss insurance in place. With this kind of insurance, its the provider that is liable for losses over a specified limit, and it differs from regular benefit insurance in that it covers the employer, not employees.
Typical features include:
Up to $5 million in aggregate benefit maximums
No limit on specific benefit maximums
Contract terms are the standard 12-month and include run-in and run-out and incurred and paid and deal opportunities
Specific & comprehensive stop-loss option for groups of more than 25 people
Exact stop-loss deductibles starts with an amount of $25,000
Most agencies propose non standard policy time duration.
Top agencies usually will provide a benefits administration service, because they know that benefit plan management takes up an enormous amount of time for human resources personnel. Additionally, many HR departments arent able to wade through the massive number of complexities regarding compliance and the constant changes in regulations governing health care.
Most insurance agencies will provide on-site support to their clients as part of their benefits administration services, which include:
A comprehensive benefits enrollment program
COBRA administration
Analysis and reconciliation of premium invoices
A hotline for employees to call in with questions about their benefits
Health advocacy for employees
Assistance with claims
Agencies who work in benefits administration often also have payroll services available for their clients. The professionals serving in this capacity are able to make accurate payments on time to the employees of a company. They also handle the depositing of payroll tax and deal with filing requirements.
As a convenience to their clients, leading agencies accept payroll submissions through a web based interface or by phone or fax. Agencies make sure their payroll services are organized to be as simple as possible for their clients to access.
In summary, large insurance agencies offer a wide range of policy types and related services to their clients. They employee professionals who are experts in their specific area and who can work with clients to understand the complexities in the insurance field.
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