Key Factors to Consider in a Stop Loss Partner
In the dynamic world of self-funded health plans, choosing the right stop loss insurance partner is akin to selecting a trusted ally in a high-stakes journey. The right partner not only provides financial protection but also ensures peace of mind. Here are six key factors to consider when selecting a stop loss partner:
- Expertise and Experience
First and foremost, seek a partner with deep industry knowledge and experience. A seasoned stop loss provider understands the intricacies of self-funded health plans and can navigate the complexities of underwriting, claims, and risk management. At Excess Reinsurance, our team of actuarial and underwriting professionals brings decades of expertise. Having recently celebrated a milestone of 35 years in business, our proven track record of innovation, dedication, and unwavering commitment to safeguarding businesses’ futures ensures you are backed by a historic foundation of knowledge.
- Customization and Flexibility
Every business is unique, and so are its healthcare needs. Look for a stop loss provider that offers customized solutions tailored to your specific requirements. The ability to provide coverage over unique plan designs, value-added features, and policy enhancements (such as our Gene Therapy Protection solution) is crucial. Excess Reinsurance prides itself on delivering custom and flexible programs that align with your goals, ensuring that your stop loss coverage is as unique as your business.
- Financial Stability and Ratings
The financial stability of your stop loss partner is a critical consideration. A provider with strong financial ratings demonstrates reliability and the ability to adjudicate claims promptly. Excess Reinsurance only represents carriers with superior financial strength and our excellent rating from AM Best is a testament to Excess Reinsurance’s financial strength and commitment to our clients’ long-term success.
- Comprehensive Support Services
Effective stop loss coverage encompasses a range of support services, including underwriting and administrative support, actuarial support, and claims management. These services enhance the overall value of your stop loss coverage. At Excess Reinsurance, we offer robust support services that help you manage your self-funded plans efficiently and effectively.
- Innovation and Adaptability
The healthcare landscape is continually evolving, with new treatments and trends emerging regularly. Choose a stop loss partner that stays ahead of the curve by embracing innovation and adapting to changes in the industry. Excess Reinsurance is dedicated to developing creative and innovative solutions that meet the ever-changing needs of our clients, such as our exclusive stop loss solution RBP Shield, which adds additional stop loss coverage and legal coverage for plans and plan participants.
- Transparent Communication and Trust
A trustworthy stop loss partner maintains transparent communication and fosters a collaborative relationship. Clear and open communication ensures that you are always informed about your coverage, claims, and any changes that may affect your plan. At Excess Reinsurance, we prioritize building lasting relationships based on trust and integrity, providing each business with clarity, confidence, and peace of mind.
Selecting the right stop loss partner is a crucial decision that can significantly impact your self-funded health plan’s success. Contact the experts at Excess Reinsurance today to learn more about our comprehensive stop loss solutions and how we can help you achieve financial stability in your self-funded journey.