Sun Life Financial Announces SunElite,(SM) a New Stop-Loss Value-Added Service
A leading stop-loss insurance carrier announces SunElite,SM a medical plan document review service to help self-insured employers comply with the Affordable Care Act and manage cost containment
WELLESLEY, Mass. (October 18, 2012) – The Employee Benefits Group division of the U.S. Business Group of Sun Life Financial Inc. (NYSE: SLF, TSX: SLF) announced today SunElite, a new addition to its suite of value-added services for its self-insured Stop-Loss customers. SunElite is a medical plan document review service.
Sun Life Financial selected an experienced health care services consultant, The Phia Group, LLC, to conduct all SunElite medical plan document reviews. The Phia Group, LLC will author a report detailing its analysis of the medical plan’s cost containment, federal law compliance, and discretionary authority language.
Sun Life Stop-Loss customers can use the service directly, but Sun Life Financial expects brokers and TPAs to be the most frequent users of the service. Brokers and TPAs can use the report to evaluate the medical plan document and discuss potential changes with the customer.
According to Adam V. Russo, Esquire, Chief Executive Officer, The Phia Group, LLC, “We are extremely proud to have been chosen by Sun Life Financial to review and assess their clients’ medical plan documents. We will provide expertise relating not only to compliance issues, but also to cost containment opportunities that will benefit all customers.”
“This agreement is a timely addition to our suite of Stop-Loss value-added services. Employers are seeking support to comply with Affordable Care Act requirements and want new ways to manage medical costs. SunElite helps address those needs. Sun Life Financial is proud to continue the tradition of providing insight and cost savings to customers,” said Scott Beliveau, Stop-Loss Vice President, Sun Life Financial Employee Benefits Group division.
Sun Life Financial, one of the largest direct writers of stop-loss insurance in the United States, has a 30-year history of dedication to providing innovative value-added services. In addition to SunElite, Sun Life Stop-Loss customers already receive SunResources,® SunExcel,® and Sightlines™ Medical Intelligence.
About The Phia Group, LLC
The Phia Group, LLC, headquartered in Braintree, Massachusetts, is an experienced provider of health care consulting services including medical plan document assessments, health care cost-containment techniques, comprehensive claims recovery, and consulting designed to control health care costs and protect medical plan assets. The Phia Group’s overall mission is to reduce the cost of medical plans through its recovery strategies, innovative technologies, legal expertise, and focused, flexible customer service.
For more information, please visit www.phiagroup.com.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individual and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including the United States, Canada, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, and Bermuda.
For self-funded employers, we provide a Stop-Loss product suite designed to meet customer needs including value-added services such as SunElite,® SunResources,® SunExcel,® and SightlinesTM Medical Intelligence. For employees, we provide group and voluntary products such as Life, Disability, Dental, and Critical Illness insurance. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE), and Philippine (PSE) stock exchanges under the ticker symbol SLF.
For more information, please visit www.sunlife.com/us.
Sun Life Financial
Tim Stone, 781-416-2185
In the United States and elsewhere, insurance products are offered by members of the Sun Life Financial group that are insurance companies. Sun Life Financial Inc., the holding company for the Sun Life Financial group of companies, is a public company. It is not an insurance company and does not offer insurance products for sale in the United States or elsewhere, and does not guarantee the obligations of its insurance company subsidiaries. In the United States, stop-loss, group, and voluntary products are issued by Sun Life Assurance Company of Canada in all states except New York. In New York, these products are issued by Sun Life Insurance and Annuity Company of New York. The following services are not insurance and carry a separate charge included with the price of coverage: SunResources,® owned by Sun Life; SunExcel,® owned by Sun Life; SunElite,SM owned by Sun Life with services provided by The Phia Group, LLC; and Sightlines™ Medical Intelligence, owned by and with services provided by Verisk Health. Sun Life is not responsible or liable for the services or advice provided by any third party vendor. Sun Life reserves the right to discontinue any service at any time. SunElite is available for new or renewed Stop-Loss policies with effective dates of January 1, 2013 and beyond. Product offerings may not be available in all states and may vary depending on state laws and regulations.
SLPC 24516, approved 10/12 (exp. 10/16)