Many companies, both big and small, are struggling to keep employees satisfied and offer them benefits such as healthcare coverage and life insurance. Reliance Standard Life Insurance company recently launched a new line of employer stop-loss coverage to help employers maximize their control over benefits spending. The RSL Risk Solutions offers specific risk and aggregate risk stop-loss coverage for companies as small as 50 employees.
Through the purchase of stop-loss insurance, employers can offer one standardized health plan, as a third party administrator will manage the coverage and pay claims on behalf of the company. Employers can still collect, analyze and use claim data to make benefits decisions, while protecting the company from large claim costs.
Lawrence Daurelle, president and CEO of Reliance Standard, said the rising cost of healthcare has made it attractive for companies to self-insure their benefits programs.
"Stop-loss coverage offers these groups a safety net so they can participate in the advantages of self-insuring while limiting their financial exposure from claims experience," Daurelle said.
AXA Equitable has also developed a new initiative to help clients protect their financial security with life insurance. The AXA Equitable's Members Retirement Program was designed to provide chiropractors and their staff with a comprehensive retirement benefit strategy. The goal of the program is to offer aid and financial planning assistance to chiropractic offices that struggle to balance running the business and providing benefits to employees.