Stop Loss Insurance

Stop Loss Insurance

With Stop Loss Insurance, self-funded employers can mitigate the impact of high-cost medical claims. As an experienced, dedicated direct writer for stop loss, employers can work with us to craft a strategy that works for any employee population, big or small.

Description

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Top 5 reasons brokers appreciate our Stop Loss Insurance*

And brokers give our Stop Loss Insurance a Net Promoter Score of 78.4.*

*Results from 2022 Voya Stop Loss Broker Survey; surveyed 1,100 broker contacts and received 45 responses, 4% response rate, representing 80 employers.

Steadfast protection from a trusted provider 

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Rooted in more than four decades of expertise, our customizable Stop Loss Insurance plans help employers to find the right solutions for their organization.

Stop Loss coverage can help companies weather any storm — and help mitigate the impact of devastating medical claims. Employers can trust the provider that's stopped loss over and over again. Below are key Stop Loss product features and benefits that we offer.

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Contracting

Flexible contracting allows employers to choose options that best serve their needs. As health care changes, we adapt.

40+ years

Our experience and service in the stop loss market has provided a guiding hand for more than four decades — while maintaining a pulse on new trends.

Flexibility

Advanced Funding options? Absolutely. Laser-free renewals? 100%. Step-down deductibles? Definitely. Employers can choose from an array of optional features to ensure their stop loss plans work for them.

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Cost Containment programs

Multiple proven Cost Containment programs to provide the plan and individual savings. The programs are voluntary, so employers can choose what works for their plan. Having prescription benefit problems? We can help.

Individual Excess Risk

Plan for individual reimbursements for eligible claims paid over the individual deductible for any covered employee or dependent. Includes medical and prescription drug claims — and can be tailored to meet a variety of budgetary needs.

Aggregate Excess Risk

Catastrophic claims can be … well, catastrophic for self-funded medical plans. We provide protection by helping to limit liability to a specific dollar amount for the whole group.

Why us for stop loss?

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Always by your side

Let us work with you to meet the specific needs of your plan. We work for your savings using sophisticated data and intentionally designed programs — and can adapt to the needs of your employee population. Manage catastrophic claims with our step-down deductible program to control costs related to cancer, kidney failure and transplant costs.

Our cost containment team can also work on behalf of clients to add an extra layer of expertise in financial risk management. Plus, any associated savings fees from successful interventions would be treated as covered claims under our coverages.

What you see is what you get

The benefits of unbundling include a healthy competition — we want to build a long-term relationship with you and find the best options for your Stop Loss insurance, including new health trend optimizations in the market and continuing education and flexibility with emerging data. One area that we especially excel: our renewal rate cap. We can make your renewal predictable with a rate cap in the policy with Individual Excess Risk.

Take it easy

Keep it simple — use our plan mirroring coordination to match your current plan coverage. We can reimburse the eligible expenses covered by your benefit plan and choose a laser-free renewal with no surprises upon renewal.

One size does not fit all

Bundled or carved-in stop loss limits your moves, and we will help so you don't get stuck with the programs, networks and administrative burdens that may otherwise be presented to you. Carving out stop loss allows you to choose the vendors to help you realize optimal cost savings and benefits to your specific plan. We can lock in quotes with 9 months of complete claims information for the current policy year and build a multi-year plan to help keep your costs down and your employees covered.

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$7.5 million

Average annual savings from 2017-20211

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$1,014,617

Of savings achieved for a bone marrow transplant2

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10 days

Average turnaround time for claims is less than 10 days for complete submissions3

Details

Whose claims can be covered? 

  • Employee
  • Spouse
  • Dependent
  • Retirees

Types of coverage:

  • Individual Excess Risk – Protects an employer by reimbursing plan sponsors for eligible claims paid over the individual deductible amount for any covered employee or dependent.
  • Aggregate Excess Risk – Protects plan sponsors by limiting liability to a specific dollar amount for the whole group.

Available coverage features 

  • Laser-free renewal
  • Renewal rate cap
  • Plan mirroring coordination
  • Individual Advanced Funding
  • Individual & Aggregate terminal liability
  • Aggregating specific deductible
  • Step-down deductible
  • Monthly aggregate excess risk reimbursement
  • Premium Refund Agreement
  • Individual Gapless Renewals 

 

Ready to collaborate with a time-tested Stop Loss provider?

Contact your Voya representative today to learn more or start designing a plan.

  1. Voya 2022 Savings and Membership Report representing an average of 21 groups a year. Actual results may vary.
  2. Year of savings: September 2021-September 2022. Actual results may vary.
  3. Average turnaround time for Stop Loss claims is 10 business days from date of receipt based on 89,331 claims processed 1/1/18-12/31/21. Actual results may vary.

Cost containment services are managed and administered by independent third-party entities not affiliated with Voya Employee Benefits. Voya Employee Benefits, a division of ReliaStar Life Insurance Company and ReliaStar Life Insurance Company of New York, does not warrant, guaranty, or make any representations or warranties whatsoever, express or implied, or assume any liability regarding the use or the results of the cost containment services, including without limitation any financial results, any information transmitted or received, any delay in claims processing or payment, or loss of use of such cost containment services.

Excess Risk (Stop Loss) Insurance is issued by ReliaStar Life Insurance Company (Minneapolis, MN) and ReliaStar Life Insurance Company of New York (Woodbury, NY). Within the State of New York, only ReliaStar Life Insurance Company of New York is admitted, and its products issued. Both are members of the Voya® family of companies. Voya Employee Benefits is a division of both companies. Stop Loss Policy #RL-SL-POL-2013 or #RL-SL-POL-2013-NY. Form numbers, product availability and specific provisions may vary by state.

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