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What is Stop Loss Insurance?

Jeff Griffin

More and more companies are choosing to forego the traditional method of funding health insurance and are instead opting for a self-funded insurance program. 

For many companies, this is a great way to reduce expenses because the employer gets to drop any collected but unspent premiums to the bottom line. (In a fully-funded scenario that profit would go straight to the insurance company.) That said, self-funding is also a gamble, since an employer can also experience a plan year in which medical claims are higher than collected premiums.

This is where stop loss insurance comes into play.

What is Stop Loss Insurance?

Stop loss insurance is essentially insurance for an employer’s self-funded insurance plan (the technical term is Reinsurance or Excess Insurance). It caps the amount an employer would be responsible for paying in the event of a catastrophic claim, or series of catastrophic claims.

Stop loss caps come in many shapes and sizes and are typically driven by the risk tolerance of the company putting them in place. Stop loss insurance can prevent you from ending up in a number of financially dangerous situations because of employee illness or injury, including:

  • Decimating your budget (or your emergency reserves) for the year out of a need to cover employee healthcare costs.
  • Being unable to pay employee healthcare costs, then finding yourself being sued as a result.
  • Losing great employees due to the fact that you're no longer providing the coverage they expected (and used to receive) from their employer.
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Topics: Employee Benefits, Plan Design, self-funding, CHRO, Strategy, Risk Management

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The Best Twitter Hashtags for HR Directors to Follow

David Rook

The #hashtag turned 10 years old in 2017. Like many other internet phenomena, it’s hard to imagine life without it. Although hashtags can be used to entertain and enlighten, they are also incredibly useful for businesses. With 328 million active users, Twitter (much like LinkedIn) offers a great opportunity for Human Resources (HR) Directors and other HR professionals to gather new ideas for their organization and spread useful information. When HR professionals use Twitter hashtags effectively, people can more easily find and share their content.

Here at the JP Griffin Group, we use Twitter hashtags all the time to help us stay abreast of industry specific employee benefit news and to stay plugged into other thought leaders in the employee benefits space. If you’re new to hashtags, here is some of our seasoned advice on how to find the best Twitter hashtags and what makes them so valuable.

6 Ways to Find the Best Twitter Hashtags

Twitter is a social media platform built on real time, rapidly changing news and events. In other words, it’s constantly evolving and new hashtags trend every day. That being said, some hashtags have more staying power than others. Part of incorporating hashtags into your HR-related content is knowing how to find relevant hashtags in the first place.

Here are six ways to find the best Twitter hashtags:

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Topics: CHRO, Best Twitter Hashtags, Corporate Communication

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