KINGSTON, Ontario, Feb. 01, 2018 (GLOBE NEWSWIRE) -- The Empire Life Insurance Company (“Empire Life”) (TSX:EML.PR.A) is introducing a new $7,500 ‘drug only’ pooling product, available February 1, 2018 for new customers and at renewal for current customers.
With advances in medicine and new, higher cost drugs in the market, it’s important to offer options that help small and medium-sized businesses limit their exposure to high cost claims, since they can have a substantial impact on customers’ ability to manage their risk and budget. 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.
The $7,500 drug only pooling product is available to both insured and ASO plans and comes with 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.
“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.”
“This is an important step for Empire Life and our customers, and we’re delighted to be able to offer this solution,” said Michael Perry, Vice-President, Group Product & Marketing. “It’s an innovative response to the changing landscape, and makes it easier for customers to protect their employees while also protecting their plans.”
About Empire Life
Established in 1923 and a subsidiary of E-L Financial Corporation Limited, Empire Life provides individual and group life and health insurance, investment and retirement products to Canadians. The company’s mission is to make it simple, fast and easy for Canadians to get the investment, insurance and group benefits coverage they need to build wealth, generate income, and achieve financial security. As of September 30, 2017 Empire Life had total assets under management of $16.8 billion. Follow Empire Life on Twitter @EmpireLife or visit www.empire.ca for more information.
Catherine Hardwick
613 548-1890, ext. 4210 or catherine.hardwick@empire.ca