Understanding Stop Loss: Interview with Christy Vago | Generous Benefits

Understanding Stop Loss with Christy Vago

If you have a self-funded health insurance program, you likely have a stop-loss insurer taking on the big risk.

Finding the right stop-loss coverage is a huge piece of the self-funding or self-insured dynamic.  Not only do you need the right coverage, you need the coverage that shows up when those big claims arrive at the doorstep of your company’s bank account.

Recently, we got the chance to visit with Christy Vago and discuss all kinds of fun topics about the stop-loss world, and we recorded some Q&A that is designed to provide insights and better understanding of how to best interact with a stop-loss insurer and how to understand all the industry insider terminology that is thrown around.

And, we had so much fun the interview ran kind of long. But, this gives us a great opportunity to break it up into bite-sized segments for you to enjoy.

First up, what is stop-loss?

Who purchases stop-loss?

How often should an employer talk to their stop-loss insurer?

What cost-containment items keep stop-loss pricing lower?

How do you lower stop-loss costs at a renewal?

Levers to reduce stop-loss costs

You said “Laser." What is that?

Why is it important to “follow the SPD”?

What is stop-loss’ opinion on “advocacy”?

What has been the impact of COVID?

What is the common Stop-Loss deductible?

Key Takeaways for Shopping Stop-Loss:

The big takeaways

Shop early.  Get your stop-loss vendor’s input prior to even quoting, and remember the three big levers to reduce costs:

1. Open Networks
2. Transparent Pharmacy
3. Programs designed for specific high-cost conditions