Notice of termination must be submitted in writing 90 days prior to the intended termination date.
IBNR (Incurred But Not Reported) Medical Considerations:
Upon termination, the Group will continue to be responsible for all claims paid. The IBNR is an estimate of this amount.
Benecon will continue its administrative role. This includes paying weekly claim runs, managing the group’s Consortium trust account and stop loss reporting.
Any remaining surplus funds will be returned according to policy after the run-out period.
The Group is under a “paid” stop loss contract. All claims incurred since joining the VERIS Consortium are eligible during the stop loss contract.
Under this stop loss program there is no coverage for claims incurred during the policy period and paid after the policy is terminated.
For Groups moving to a fully-insured arrangement, optional three month stop loss coverage is available.
If the Group moves to another self-insured or level-funded platform, a stop loss contract with run-in protection is recommended to protect the Group on the run-out claims.
