September 10, 2024 Newswires

Symetra Offers Stop Loss Policyholders Additional Protection with New Critical Illness Step-down Deductible Endorsement

Business Wire

BELLEVUE, Wash.--(BUSINESS WIRE)--
Symetra Life Insurance Company, a stop loss pioneer and industry leader, announced a new critical illness step-down deductible endorsement that offers self-insured employers additional protection. Employers who have a Symetra stop loss policy and offer Symetra critical illness insurance will enjoy a streamlined service experience and cost-savings while providing their employees with broader coverage for serious health events.

“Symetra is committed to being a stop loss provider of choice by helping employers manage the cost of providing critically important health care coverage while safeguarding their employees against catastrophic medical events. As employers who self fund their health plans seek new ways to manage expenses, we saw an opportunity to enhance our stop loss policy with an endorsement that delivers both savings and critical illness coverage,” said Jeremy Freestone, senior vice president, Stop Loss Business Strategy.

Groups¹ who have Symetra Specific stop loss and offer Symetra Critical Illness Insurance—which includes coverage for invasive cancer—will receive a $5,000 reduction on their Specific deductible when there’s a qualifying cancer claim.²

Additional conditions that can be included in a critical illness policy and are eligible for the endorsement include:

Severe autoimmune disease
Complications of pregnancy (mother)
Complications of birth (child)
Stem cell (bone marrow) transplant

For more information about Symetra stop loss insurance, contact a Symetra Benefits representative or visit https://www.symetra.com/our-products/employers/stop-loss/.

In addition to stop loss insurance, Symetra offers group life, disability, and absence management coverage. Its suite of group supplemental health products includes accident and hospital indemnity insurance as well as critical illness insurance, which are designed to complement any other plan, including major medical coverage paired with an HSA.

About Symetra

Symetra Life Insurance Company is a subsidiary of Symetra Financial Corporation, a diversified financial services company based in Bellevue, Washington. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions, and independent financial professionals and insurance producers. For more information, visit www.symetra.com.

Stop loss policies are insured by Symetra Life Insurance Company, 777 108th Avenue NE, Suite 1200, Bellevue, WA 98004. Base policy form number is ELC-24000 7/19.

Critical illness policies are insured by Symetra Life Insurance Company, 777 108th Avenue NE, Suite 1200, Bellevue, WA 98004. Products, features, terms and conditions may vary by state and may not be available in all U.S. states or any U.S. territory. They are designed to provide benefits at a preselected, fixed dollar amount for covered conditions. They are not a replacement for major medical or other comprehensive coverage, and do not satisfy the minimum essential coverage requirements of the Affordable Care Act. Base policy form number is SBC-04530 1/21.

Critical Illness Specific Step-Down Endorsement form number is ELC-24110 3/24 in most states.

Products, features, terms and conditions may vary by state and may not be available in all U.S. states or any U.S. territory. Coverage may be subject to exclusions, limitations, reductions and termination of benefit provisions.

¹ Group size minimum is 100 lives.

² Claim must contain a qualifying ICD-10 code.