Third annual study analyzes highest-cost
claims and emerging trends in stop-loss
WELLESLEY, MA, June 18, 2015 /PRNewswire/ - The U.S.
business group of Sun Life Financial has released its third annual
Catastrophic Claims Report, which compiles the top ten costliest
medical conditions covered by stop-loss from 2011 to 2014 and
explores emerging trends. The data can help both brokers and
employers better understand the risk associated with large claims
and the potential impact to a self-funded medical plan.
(Photo: http://photos.prnewswire.com/prnh/20150618/224084)
Cancer remains the costliest disease, accounting for more than
one quarter (25.7%) of the $2.1
billion Sun Life paid out to stop-loss claimants during the
report's four-year period. The top three conditions, which include
cancer (malignant neoplasm and leukemia/lymphoma/multiple myeloma)
and end-stage renal disease, made up 33.5% of total reimbursement
costs.
One of the contributors to catastrophic claims costs is
intravenous medications, which accounted for over $71.4 million, or 13%, of the total paid
stop-loss claims during 2014. The top twenty intravenous
medications are quite expensive and represent 65% of the total cost
of intravenous medications administered for catastrophic claims
conditions. Approximately half of the top twenty intravenous
medications identified in the report are used to treat cancer, and
represent nearly $25 million in
treatment costs in 2014 alone.
The report also shows that individuals with claims in excess of
$1 million remain a major driver of
stop-loss payments, accounting for $348
million of the total paid stop-loss claims. Cancer,
congenital anomalies (conditions present at birth), and premature
births account for 28% of all claims breaching the $1 million mark. The findings confirm the need
for self-funded employers to protect against common health events
that could turn into catastrophic claims.
As the number-one independent carrier of medical stop-loss in
the U.S. with $1.03 billion in annual
premium,* Sun Life is uniquely qualified to conclusively report on
stop-loss activity, such as top claims, conditions, and emerging
trends.
"Through our research, we are able to provide insight to the
market on the conditions that drive high-cost claims and how
self-funded employers can manage that risk effectively," said Sun
Life's Brad Nieland, Vice President,
Stop-Loss. "We help employers implement stop-loss and other
cost-containment measures to support their self-funding
strategy."
For the full report, please visit:
http://bit.ly/slfcatastrophicclaimsreport2015
*The number-one ranking is based on the 2014 year-end Sun Life
Stop-Loss premium of $1.03 billion
and on a Sun Life analysis of publicly available financial
information and third-party market share data.
About Sun Life Financial
Celebrating 150 years in
2015, Sun Life Financial is a leading international financial
services organization providing a diverse range of protection and
wealth products and services to individuals and corporate
customers. The Sun Life Financial group of companies operates under
the "Sun Life Financial" name strictly as a marketing name and no
legal significance is expressed or implied. Sun Life Financial and
its partners have operations in a number of markets worldwide,
including Canada, the United States, the United Kingdom, Ireland, Hong
Kong, the Philippines,
Japan, Indonesia, India, China,
Australia, Singapore, Vietnam, Malaysia and Bermuda. In the
United States and elsewhere, insurance products are offered
by members of the Sun Life Financial group that are insurance
companies. In the United States,
Sun Life Financial provides a range of products and services to
employers and their employees, including Group and Voluntary
Accident, Critical Illness, Dental, Disability, Life, and Stop-Loss
insurance products. Product offerings may not be available in all
states and may vary depending on state laws and regulations. Sun
Life Financial Inc., the holding company for the Sun Life Financial
group of companies, is a public company. It is not an insurance
company and does not offer insurance products for sale in
the United States or elsewhere,
and does not guarantee the obligations of its insurance company
subsidiaries. Sun Life Financial Inc. trades on the Toronto (TSX), New
York (NYSE), and Philippine (PSE) stock exchanges under the
ticker symbol SLF. For more information please visit
www.sunlife.com/us.
Media
Contacts:
Amanda Gallo
Sun Life Financial
amanda.gallo@sunlife.com
781-446-1264
Devon Portney Fernald
Sun Life Financial
devon.portney.fernald@sunlife.com
781-800-3609
Stacy Grisinger
Elevate Communications
sgrisinger@elevatecom.com
617-861-3654
SOURCE Sun Life Financial - United
States