Atlas Administrators : Your Third Party Administrator (800) 232-9659
Do you really need Stop-Loss Insurance? The answer is YES!
Atlas has teamed up with Managed Access Risk Corporation, (MARC), an international reinsurance intermediary and managing general underwriter, which offers both specific and aggregate stop-loss insurance among other respected products.
As a self-funded entity, your employees' health claims will be paid either directly by you, the employer, or via a trust. This can, however, open you or the trust to the risk of a sudden large/catastrophic claim on the part of an insured, or an influx of a multitude of claims from the entire insured group.Stop-Loss Insurance, as the name implies, stops the loss you would otherwise experience from such catastrophic claims situations.
Two forms of Stop-Loss Insurance exist to protect you, either in combination or separately: Specific Stop-Loss and Aggregate Stop-Loss.
Specific Stop-Loss is coverage that protects the plan from experiencing large losses on any one participant who has a serious/catastrophic accident or illness during a plan year. This is accomplished by setting a specific dollar amount to represent the maximum liability of the employer on any individual. When an individual participant's claims exceed the set maximum, the stop-loss coverage takes over for the employer, reimbursing them for any claims paid during the remainder of the plan year.
Aggregate Stop-Loss is coverage that protects the plan from exorbitant numbers of claims being paid on an entire group of participants within a plan year. Like Specific Stop-Loss, Aggregate Stop-Loss sets a maximum liability amount for the employer in a given plan year.
Whichever form of stop-loss you choose, Atlas will make sure you get the best coverage possible with MARC.