ING to offer unlimited annual and lifetime maximum stop-loss coverage for business' health insurance plans
ING's U.S. Employee Benefits business said today it will offer unlimited annual and lifetime maximum stop-loss insurance coverage to businesses that self-fund their health plans. The move is effective immediately for new clients and upon renewal for existing clients.
Similar to other health insurance plans, self-funded plans often had annual and lifetime maximum benefits for plan participants. With the passage of the recent healthcare reform laws, these caps will be lifted later this year. Self-funding businesses would then be left to cover the excess amount when they have employees with catastrophic claims. The ING Employee Benefits' unlimited offering will allow these employers to continue to provide health insurance to their employees without a gap in their liability.
"The recently passed national healthcare reform legislation mandates lifting lifetime benefit limits on health insurance coverage for individuals," said Ivan Gilreath, president, ING Employee Benefits. "For employers who self-fund their insurance plans, it's possible that catastrophic claims could threaten the entire business. Our stop-loss insurance with unlimited coverage closes this liability gap."
Phil Margolis, ING Americas, 580-580-2676 or firstname.lastname@example.org
About ING Employee Benefits
ING Employee Benefits is dedicated to developing the best possible benefit solutions for employers and their employees. Working through independent insurance brokers, ING Employee Benefits offers a range of products and services that include life insurance, stop-loss insurance, accident insurance, critical illness insurance, and disability income insurance. Insurance products and services are provided by ReliaStar Life Insurance Company and ReliaStar Life Insurance Company of New York, members of the ING family of companies.
ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in more than 40 countries. With a diverse workforce of about 108,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.
In the U.S., the ING (NYSE: ING) family of companies offer a comprehensive array of financial services to retail and institutional clients, which includes life insurance, retirement plans, mutual funds, managed accounts, alternative investments, direct banking, institutional investment management, annuities, employee benefits and financial planning. ING holds top-tier rankings in key U.S. markets and serves nearly 30 million customers across the nation. For more information, visit www.ing.com/US.