Does the Alternative Benefit Funding program include insurance protection?

Yes. While the program is self-funded, stop loss insurance protection is triggered at relatively low attachment points. This is to provide small employers with the ability to self-fund but also better control their risk and exposure to significant claims. Once the attachment points are met, insurance protection is provided through the stop loss carrier.

Who is the stop loss carrier for the Alternative Benefit Funding program?

Companion Life Insurance Company is the stop loss carrier. ( Companion Life Insurance Company has specialized in employee benefits for more than 40 years. For 10 consecutive years, they have earned an A.M. Best rating of A+ (Superior). They currently market insurance products in 45 states and the District of Columbia.

Who handles the claims for Companion Life Insurance Company in the U.S.?

All claims are handled by Regency Employee Benefits (REB), a Third Party Administrator (TPA) of health care claims. REB is located in Port Huron, Michigan and has been a TPA since 1978 and paying claims since 1970.

How do I know that Companion Life Insurance Company is financially stable and will be there when I have a claim?

Companion Life Insurance Company is rated by AM Best as A+ (Superior) and has maintained this rating for the last 10 years. Companion Life Insurance Company is an admitted insurance carrier and therefore claims payments are also guaranteed by the state guarantee fund.

What safeguards are in place for large catastrophic claims?

The Companion Life Insurance Company stop loss policy provides unlimited coverage limits for all covered claims as required by the Federal Health Care Reform Law PPACA.