The new product is an enhanced version of traditional stop-loss policies used to cap self-funded health plans limiting a company’s losses in the event of a catastrophic medical claim. The new product is from the Sun Life Assurance Company of Canada, a member of Sun Life Financial.
The Sun Life announcement said the new policy includes:
- new coverage for managed care vendor fees, off-label drug use, and alternative care
- two new options so employers can make their stop-loss coverage even more seamless. The options protect against coverage gaps when claims occur at policy renewal time or when both Specific and Aggregate coverage is purchased.
- a shorter policy document, making it easy for customers to know how and when benefits will be paid.
Available to groups of 150 or more employees, the new policy is available in the majority of states, with plans for release in remaining states in the coming months, the company announcement said.