Summary: Cancer and kidney disease are the most costly conditions employers deal with by asking their stop-loss insurers to cover them, and an increase in health problems present at birth, and also premature births and associated problems, have cost stop-loss insurers an increasing amount of money, according to a new study by Sun Life Financial U.S., the largest independent writer of stop-loss insurance in the U.S., with $915 million of premiums in force as of Dec. 31, 2013. Keep reading for more, or…
“The ten costliest claims conditions comprise over half (53%) of the $2 billion in claims that Sun Life reimbursed to its Stop-Loss policyholders between 2010 and 2013,” the report said. “The three most costly conditions — malignant neoplasm (cancer), chronic/end state renal disease (kidneys), and leukemia/lymphoma/multiple myeloma (cancer) — represent over a third (34%) of all stop-loss claims payments that Sun Life made to policyholders from 2010 to 2013.
“Cancer continues to be the most costly stop-loss catastrophic illness by a significant margin, comprising one quarter (25%) of all stop-loss payments during the four-year period,” said the study, which ranked the top ten mostly costly stop-loss catastrophic claims filed between 2010 and year-end 2013 by Sun Life Stop-Loss insurance policyholders with up to 100,000 employees, encompassing more than 100,000 in claims. Birth defects and premature births increased, becoming fourth and fifth most expensive.
“Malignant neoplasm (cancer) was the costliest single condition, representing just over 17% of all stop-loss claims reimbursements.” Sun Life Financial – Sun Life Financial Study Shows Rise in Catastrophic Stop-Loss Claims of $1 Million or More.