Empire Life has launched a new $7,500 ‘drug only’ pooling product, available as of Feb. 1 for new customers and at renewal for current customers.
The insurer says that with medical advances and higher cost drugs in the market, small and medium-sized businesses need options to limit exposure to high cost claims. “That’s why we’re maintaining our $10,000 pooling threshold option and investing in our pooling products by offering this new drug only option.”
Available to insured and ASO plans
The $7,500 drug only pooling product is available to both insured and ASO plans. It has cost management features including mandatory generic substitution drug plan, specialty drug program, prior authorization, step therapy, and reasonable and customary dispensing fee and drug markups, says Empire Life.
“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, Group Solutions. “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.”