The policy offers two new options that protect against coverage gaps when claims occur at policy renewal time or when both specific and aggregate coverage is purchased, according to a company announcement. Typically, employers cap self- funded health plans with a stop-loss insurance policy that limits their payout if a catastrophic medical claim occurs.
The Sun Life announcement said the shorter redesigned policy is available for specific coverage, aggregate coverage or a combination of the two. Coverage can be tailored to meet the needs of any self-funded benefit plan.
Finally, the policy provides new coverage for managed care vendor fees, off-label drug use, and alternative care, according to Sun Life.