Buckle Up

While insurance companies and employers have done well promoting wellness and healthier lifestyles for their employees, the scary reality is that a single, catastrophic claim can lay those efforts to waste for groups that are experience rated.

A recent report from SunLife said that stop loss claims exceeding $1 million grew by 87% between 2014 and 2017. While a claim of a million dollars only accounted for 2% of total stop loss claims, they made up 20% of the value of those those claims.

This trend is lead by expensive, life-saving cancer treatments as well as approval for expanded uses of existing treatments. Soon to follow are other advances in medical technology such as gene therapy, which is expected to result in even more treatments exceeding a million dollars…..buckle up.