Sun Life Financial Reports Rise in Catastrophic Stop-Loss Claims
Proquest LLC |
The U.S. business group of
In a release, the Company noted that the most significant rise related to complications surrounding dependent infants, including premature births, failure to thrive newborns and congenital anomalies.
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The study ranks the top ten mostly costly stop-loss catastrophic claims filed between 2010 and year-end 2013 by Sun Life Stop-Loss insurance policyholders with up to 100,000 employees. In the four- year period,
"We believe sharing insights on the scale and trend of catastrophic claims can help self-insured employers, brokers, and TPAs devise better strategies to manage the costs of catastrophic illness," said James. "Without stop-loss insurance, the self- insured employers in our study would have paid an additional
The report's top ten claims conditions remain mostly the same as last year's rankings, with cancer remaining the costliest, followed by chronic renal disease.
Costliest claims:
-The ten costliest claims conditions comprise over half (53 percent) of the
-The three most costly conditions -- malignant neoplasm (cancer), chronic/end state renal disease (kidneys), and leukemia/lymphoma/ multiple myeloma (cancer) -- represent 34 percent of all stop-loss claims payments that
-Cancer continues to be the most costly stop-loss catastrophic illness by a significant margin, comprising 25 percent of all stop- loss payments during the four-year period.
-Malignant neoplasm (cancer) was the costliest single condition, representing just over 17 percent of all stop-loss claims reimbursements.
"Self-insured employers, brokers, and third party administrators have the chance to implement cost containment strategies that protect both their employee's quality of care as well as the company's bottom line," said Sun Life Financial Stop-Loss Claims Director
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