The Empire Life Insurance Co. is introducing a new drug-only pooling product for plan sponsors.
With advancement in medicine and higher-cost drugs on the market, it’s important to provide options to help small- and medium-sized businesses manage their high-cost claim exposure, the company noted in a press release. With that in mind, it’s offering the new $7,500 drug-only option while still maintaining its $10,000 pooling threshold.
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Available to both insurers and administrative services-only plans, the new product has a number of features to help manage costs, including mandatory generic substitution, a specialty drug program, step therapy, prior authorization and reasonable and customary dispensing fee and drug markups.
“We’re taking action to protect lower pooling thresholds because they provide value to small- and medium-sized businesses,” said Steve Pong, senior vice-president of group solutions at Empire Life, in the release.
“At a time when the industry is asking businesses to take on more risk in the form of higher pooling thresholds, or pay more for the same protection, we’re proud to be offering a solution that helps customers limit their exposure to high-cost claims.”
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