Sun Life Fields New Stop-Loss Policy

March 24, 2003 ( - Sun Life Insurance and Annuity Company of New York has introduced a new type of medical stop-loss policy for New York State employers with 150 or more workers.

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.

Sun Life said the policy also provides added support for employers who are required to comply with new HIPAA regulations for privacy, eligibility, and mental health parity; contains coverage for state-mandated hospital surcharges; and a description of the company’s privacy policy.

Finally, the policy provides new coverage for managed care vendor fees, off-label drug use, and alternative care, according to Sun Life.