Protects self-funded employers from large, unpredictable health care costs
AmeriHealth Administrators (AmeriHealth) today announced a new agreement with Sun Life to exclusively provide Stop Loss insurance for the AmeriHealth self-funded group customers. Self-funded employers take on the financial risk of providing health insurance for their employees. Stop loss insurance can protect employers against large, unpredictable, or catastrophic losses from higher-than-anticipated claims.
“We selected Sun Life after a strategic search where we evaluated their capabilities and partnership approach against other national carriers,” said Mike Sullivan, executive vice president and president of diversified markets at AmeriHealth Administrators. “In the end, it was a shared vision on how to best meet the needs of our customers that made this the right fit for AmeriHealth. With Sun Life, we can add even more value to our employer groups plans.”
The collaboration with Sun Life for Stop Loss insurance will provide AmeriHealth customers:
- customizable solutions with competitive pricing and reduced fees for AmeriHealth groups;
- reporting with actionable insights, making it easier for employers to make decisions about their AmeriHealth self-funded plans;
- cash flow solutions with an advance funding program to pay claims at the time they are received, rather than waiting for a reimbursement check after they are paid;
- new program features in future months as AmeriHealth establishes Sun Life as the company’s exclusive Stop Loss partner.
“We are excited to partner with AmeriHealth on a risk-share agreement,” said Jen Collier, president, Health and Risk Solutions, Sun Life U.S. “Sun Life’s Stop Loss coverage helps employers manage the high costs of care while continuing to offer comprehensive health coverage for their employees. Working with AmeriHealth will give self-funded employers a Stop Loss insurance option that helps drive both excellent care and cost outcomes.”
The AmeriHealth agreement with Sun Life and all features will be effective January 1, 2024. Select benefits will be available now through the end of 2023 for new AmeriHealth self-funded employer groups who choose Sun Life for Stop Loss insurance.