High Cost Claim Drivers
One catastrophic claim is all it takes to wreak financial havoc on a group plan. Stop Loss Insurance Services shows how to reduce the volatility and impact of claims for dialysis, organ transplant, NICU, cancer and heart disease/stroke.
The frequency and cost of such claims continues to grow. For instance:
- One in every 10 adult Americans – more than 20 million people – has some level of chronic kidney disease
- Ongoing dialysis treatments often exceed $40,000 a month, and provider charges have increased more than 65 percent over the last five years
- Transplant frequency has doubled in the past 10 years – any group, regardless of size, can be impacted by transplant exposures
- Nearly 25 percent of a group’s catastrophic costs can be attributed to transplant exposures – transplants cost $507,000 on average – having a significant effect on plan sponsor financials and stop-loss costs
- Nearly 500,000 babies in the United States – one out of every nine – are born prematurely each year, an increase of 36 percent over the last 25 years. Per-diem costs in the NICU can exceed $15,000
Self-funded groups need strategies to insulate them from these and other catastrophic claims. SLIS can help mitigate this risk for your clients.