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The Guardian Life Insurance Company of America has introduced a stop loss insurance product for employers that self-fund their own health plans. Guardian said that its stop loss insurance will help mitigate employers’ financial risk when self-funding a medical plan by providing protection against catastrophic or unpredictable claims. The product is currently approved in 23 states with nationwide approval expected by mid-2014.

By placing a limit on the total financial risk employers can face, Guardian said that its stop loss product may reduce the uncertainty and the potential liability of self-funding medical plans. Guardian’s insurance has no minimum threshold to meet before a reimbursement is paid and offers coordination with the employer’s medical carrier or third party administrator for timely reimbursement of claims.

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