Did you choose to fund your employees’ medical plans?
If so, you’re providing your employees one of the best benefits of all: great health. However, you still need to protect yourself. You and your company don’t deserve any downfalls regarding liability.
What’s the best form of health insurance protection?
Medical stop-loss insurance prevents you from assuming liabilities from an unexpected amount of claims. You can choose between individual protection and protection from the whole workplace.
Do you have a self-funded health insurance employee plan or plan on self-funding an employee health insurance plan? Here are 5 reasons why you should get stop-loss insurance.
1. Your Employees May Have Serious Health Issues
You want to provide the best health insurance for your employees, but you know there are expenses out of your budget. This is true for your employees with severe health issues.
Can you afford to pay for an employee’s weekly doctor visits or their serious surgical procedure?
These procedures and doctor visits can cost between hundreds and thousands.
Don’t put your company at financial stake — get medical stop-loss insurance.
2. Protect Against Lawsuits
Self-funded health plans have many benefits, but they also put companies at more risk.
If a company doesn’t monitor their health plans and spending, they could be sued. This includes fees that were never paid or forced the employer to pay extremely high fees.
When you have stop-loss insurance, you’re only responsible for paying certain aspects of the health plan. Therefore, you can be blamed for any other expenses.
3. Prevent Bankruptcy
If you have several employees, imagine how much healthcare costs add up?
This will result in catastrophic financial losses and could result in bankruptcy. Since you choose what you cover, stop-loss insurance helps maintain an affordable insurance policy.
You don’t want to go out of business because an employee is suffering a major health issue. Stop loss insurance helps you provide health benefits while handling the costs you can afford.
4. Medical Stop-Loss Insurance Helps Cover Additional Costs
As an employer, you choose what you cover and you cap your annual amount.
But what happens if your spending goes over budget? The stop-loss insurance company settles these costs. However, stop-loss insurance companies may have spending limits.
5. You Have Flexibility
Would you rather protect your company from a large and catastrophic claim or from multiple smaller claims that add up? With stop loss insurance, you have flexibility.
You can choose between individual or total claims. You can also choose to use both types of insurance.
Protect Yourself and Your Company
A self-funded medical plan is an affordable option to ensure your employees have health insurance.
But medical costs can become unpredictable. Specialty Care Management offers services to help make those catastrophic events more predictable and normalize the financial impact when they do happen.
It’s important you protect your company’s finances. The easiest way to do this is by purchasing stop-loss insurance and having the right cost-containment strategies in place before those events happen – and they will.
If you are currently experiencing a catastrophic claim, or are looking be more proactive with your cost-containment strategy, take a look at our services and contact us today!