If your company has more than 51 employees, self-funded health insurance with stop loss underwriting services can be an excellent way to make sure that your business is as protected as possible. You can’t predict individual or aggregate claims that are abnormally larger than most other claims, and you likely won’t have access to stop loss benefits through direct providers. Is purchasing medical stop loss underwriting services the right move for your business? Keep reading to learn the answer.
Benefits of Stop Loss Insurance
If you add stop loss protection to your company’s self-funded healthcare plan, you gain access to several benefits that help add protections and can save you quite a bit of otherwise lost money. First, you will be exempt from most state and local mandates, depending on where you do business. Affordable Care Act mandates will still apply, but this can be a big money saver right off the bat.
In addition, you have the possibility of saving time and money by getting rid of the profit direct carriers would make off of selling you premiums that are difficult to understand. You also have the potential to increase your company’s cash flow as a self-funded employer, because you reduce the time it takes for a claim to pay out. One of the most important aspects of growing any business is minimizing risks and taking the proper steps to ensure maximum growth. Adding stop-loss insurance to your self-funded healthcare is one of the most important things you can do for your business.
Keeping up with Changes
It is often a full time job to keep up with changes in the healthcare marketplace, such as new prescription drug plans and initiatives that intended to increase the coverage level of healthcare plans. Our underwriters take pride in keeping our clients as up to date as possible with all of the changes to healthcare.
Just as increases in healthcare premiums can go up without notice, so can the rates of stop loss insurance. We notify our clients before any kind of changes or rate increases occur on their plans. This is just one way that we build trust with our customers.
Best in the Business
At Prodigy, we offer stop loss underwriting services that we feel are the best in the business. As independent underwriters, we don’t have many of the restrictions that direct providers do. We also take pride in not adding any kind of hidden fees or unnecessary insurance industry lingo to any of our underwriting services. In addition, we outsource our claims department to add another element of protect your business with a stop loss insurance plan.
Best Possible Healthcare
We know that you want to give your team the best possible healthcare. You owe it to yourself to protect your business investment and as much as possible from unexpectedly big claims. If you have any questions on how healthcare underwriters can help your business, don’t hesitate to contact us.