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|January 25, 2016|
|Symetra Celebrates 40th Consecutive Year as Medical Stop-Loss Leader|
To help mark the historical milestone, Symetra created a dedicated anniversary website — 40 Years of Stop Loss — which includes a timeline of key events in the employer-sponsored health care industry, educational tools and resources for benefit brokers and employers, and a section inviting self-funding industry participants to share their stories. In late spring, the company will expand its digital Benefits administrative platform, GroupOnline (GO), to include stop-loss services in addition to existing group life and disability capabilities. The new enhancement will improve the ease of doing business with Symetra for benefits brokers, third party administrators and employers via a secure online experience.
“At Symetra, we are very proud of our legacy of doing business with
integrity and transparency. We entered the medical stop-loss market in
1976 in response to ERISA, which allowed groups to self-fund their
medical plans for the first time. Our product was designed as a
creative, cost-effective solution that provided financial peace of mind
for these new, self-funded groups,” said
Medical stop-loss insurance protects companies that self-fund their health insurance plans against large or catastrophic claims. Employers with stop-loss insurance are reimbursed for individual employees’ medical costs above a certain pre-determined dollar amount. Stop-loss insurance also protects against unexpectedly large amounts of total medical claims. Symetra also offers group life and disability, absence management, critical illness and accident insurance as well as supplemental medical and gap insurance that can be paired with administration for self-funded minimum essential coverage (MEC) plans.
Symetra Life Insurance Company