Our partnership with NexgenRx™ has partnered with Health Risk Services Inc., to offer stop loss catastrophic coverage seCUREme to our Plan Sponsors requiring stop loss insurance coverage while enjoying substantial savings by self-insuring their health benefit plans under Administrative Services Only (ASO) contracts with NexgenRx.
Stop Loss Insurance limits the Plan Sponsor’s liability for claims for any individual to an affordable level of risk. Protection can be provided against excessive losses for Drug expenses only or for Drug and Extended Health Care expenses combined.
Individual Stop Loss (Pooled Coverage) Individual Stop Loss limits the plan sponsor’s liability for each primary or dependant member covered under the plan to a predetermined amount selected by the sponsor. These limits, called attachment points, can be chosen in the following amounts: $10,000, $15,000, $20,000 or $25,000.
Under pooled coverage, recurring claims will be covered without fear of losing coverage or having the attachment point increased beyond reason in the following year for the same claimant. Statistics show once an individual incurs drug and/or medical expenses above the attachment point in any one year, there is a high probability that claims will recur at the same level or above in following years.
Note: Rates for stop-loss are quoted by Health Risk Services Inc