-- June 5 webinar will review report, which shows trends of common and rare diseases, injectable drugs, and emerging health trends --
WELLESLEY, Mass., May 30, 2024 /PRNewswire/ -- Sun Life has released its annual High-Cost Claims and Injectable Drug Trends Analysis report, analyzing 60,000 stop-loss claims from a member database of 6 million people. The findings, which span from 2019 – 2022, showed that 87% of self-funded employers experienced at least one high-cost claim during the four-year time period. The number of claims over the study period rose as the result of increases in underlying medical claims cost as well as changes to Sun Life's book of covered business.
"Our extensive claims database allows us to provide guidance to our self-funded clients so they can understand how to best manage their health plans and costs, while ensuring they can choose additional solutions that drive the best care for their employees," said Jen Collier, president, Health and Risk Solutions, Sun Life U.S. "Additionally, the data informs our health and risk product development team as they create solutions and programs that directly support the health and wellness of our members, regardless of whether their condition has resulted in a high-cost claim."
One of the most notable observations in this year's report is that cardiovascular disease (CVD) moved up to the second spot of highest-paid claims, surpassing blood cancers for the first time in the company's 12 years of reporting. The average cost for CVD claims increased 33% since 2020, which is higher than the increase in average cost across all medical claims. Malignant neoplasm (solid tumors) continues to hold the top spot with double the medical spend of CVD.
"There are various factors that can contribute to cardiovascular disease, including congenital heart defects, aging and lifestyle risk factors such as smoking and obesity. More recently, there is evidence that post-COVID-19 infection and long COVID increase the risk of cardiovascular complications," said Dr. Miles Varn, Sun Life's chief medical officer and head of PinnacleCare. "Sun Life has dedicated teams and clinicians committed to using our data and expertise to remove barriers to health care so our members can achieve optimal health care outcomes."
Other key takeaways from the report:
Medical cost trends
Multimillion-dollar claims continue to rise
Monitoring trends in injectable drugs
Sun Life, the largest independent stop-loss provider in the U.S., covers high-dollar claims for employers that self-fund their health plans. In 2023, the Health Benefits Survey by KFF, an independent nonprofit organization focused on national health issues, found that 65% of employees in the U.S. who receive health benefits from their employer are enrolled in self-funded plans. Since 2011, Sun Life has published the high-cost claims and injectables report as a tool to better understand cost drivers and healthcare trends.
Register for Sun Life's High-Cost Claims and Injectables webinar on June 5 featuring Jennifer Collier, Sun Life's President of Health and Risk Solutions, Mike Huppert, VP, Actuarial & Risk Management, and Lisa Hundertmark, Director of Clinical Services who will provide additional insights from the report.
About Sun Life
Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2024, Sun Life had total assets under management of $1.47 trillion. For more information, please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
Sun Life U.S. is one of the largest providers of employee and government benefits, helping more than 50 million Americans access the healthcare and coverage they need. Through employers, industry partners and government programs, Sun Life U.S. offers a portfolio of benefits and services, including dental, vision, disability, absence management, life, supplemental health, medical stop-loss insurance, and healthcare navigation. Sun Life employs more than 8,500 people in the U.S., including associates in our partner dental practices and affiliated companies in asset management. Group insurance policies are issued by Sun Life Assurance Company of Canada (Wellesley Hills, Mass.), except in New York, where policies are issued by Sun Life and Health Insurance Company (U.S.) (Lansing, Mich.). For more information visit our website and newsroom.
Media Contacts:
Anjie Coplin
Sun Life U.S.
Anjie.Coplin@sunlife.com
Devon Fernald
Sun Life U.S.
devon.portney.fernald@sunlife.com
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SOURCE Sun Life U.S.