Two types of stop-loss coverage are available:
- Specific deductible stop-loss coverage – Sets a ceiling on your financial liability for claims costs per each covered member. You can choose from a wide range of deductible amounts in determining your company’s specific stop-loss level (e.g., $35,000 to $300,000). The stop loss carriers liability is limited to the individual lifetime maximum level (e.g., $1,000,000) shown in the stop-loss policy. Specific stop-loss coverage begins paying when claims paid for a member during a contract period exceed the contract period specific stop-loss deductible amount you have chosen.
- Aggregate stop-loss coverage – Limits your financial liability for the total amount of claims expense for your group as a whole. The stop loss carrier will estimate your anticipated claims for the year and add your chosen aggregate percentage to that estimate to calculate a stop-loss amount (e.g., 125 percent).
ENV Insurance Agency has access to A-rated national stop-loss insurance providers.
Contact us for more information.
