Kingston, Ont.-based Empire Life Insurance Co. Monday introduced new healthcare pooling arrangements to protect group benefit customers who face high cost claims from prescription drugs and medical services.
Healthcare pooling is a way to spread risk and limit customers’ exposure to high cost claims. Beginning in January 2013, healthcare insurance carriers must offer an Extended Healthcare Policy Protection Plan (EP3) plan to their group customers. This is a requirement of the Canadian Drug Insurance Pooling Corp. (CDIPC).
The Empire Life healthcare pooling arrangements, which include the EP3 and supplementary Large Amount Pooling (LAP), provide flexibility and choice to customers.
“We’ve designed our healthcare pooling with the best interests of our customers in mind,” says Steve Pong, senior vice president, group solutions at Empire Life. “In fact, we’ve gone several steps beyond the basic requirements of the pooling initiative to ensure all of our customers can take advantage of this cost-effective protection.”
Product features include:
- choice of thresholds, which allows group customers the flexibility to manage their benefit plan costs according to their risk tolerance and budget;
- inclusion of all extended health care benefits, not just drug claims; and
- Large Amount Pooling (LAP) for customers who may be ineligible for the EP3, or who may have certain claim costs that are not eligible for the EP3.
“We are excited to be offering a solution that helps business owners limit their exposure to high cost claims while helping them to create more sustainable benefit plans for the future,” says Janet Jackson, vice president, group marketing, Empire Life. “Our pooling arrangements are an innovative response to the CDIPC requirements, and they will help employers and individual Canadians manage the financial impact of high cost drugs and healthcare services.”