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Empire Life profiles cost-management group plan options

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Wed, 08/03/2022 - 13:01

Spotlight on Health Care Essentials

Businesses are rebuilding as the pandemic subsides—and inflation, high gas prices, and supply chain slowdowns are making it a challenge. As a result, cost containment continues to be a high priority at the very same time that businesses are straining to hire and retain talented team members. 

Empire Life has a number of benefit plan options that can boost flexibility and save on costs. Health Care Essentials is one example. The chart below provides a snapshot of how it works. 

  Healthcare Essentials
What is it?
  • Core coverage for drugs, private duty nursing, medical supplies and emergency travel assistance, plus an optional lump sum for semi-private hospital room, paramedical services and vision care
How does it work?
  • You provide employees core coverage and choose whether or not to provide optional major medical benefits. If you include major medical, you set an overall annual dollar maximum for those expenses and let employees decide how to spend the benefit
Plan details
Core Coverage:
  • Your options for drug type, drug coinsurance, deductible and maximums are the same as for Empire Life standard drug plans (smoking cessation, sexual dysfunction, and fertility drugs are excluded)
  • Private duty nursing provides up to $10,000 benefit per year
  • Emergency Travel Assistance covers trips of up to 60, 90, or 120 days and a $5,000,000 lifetime maximum per insured
If you choose to add Major Medical Coverage:
  • Coverage is based on $0 deductible, 100% coinsurance
  • You can choose $500 or $1,000 annual maximum. Alternate maximums are available, subject to underwriting approval
  • Sexual dysfunction and fertility drugs are excluded (smoking cessation drugs are covered)
Advantages
  • Simplifies decisions when designing your plan
  • Greater choice and flexibility for employees
  • More responsive to employee diversity
  • Built in cost management for a more sustainable plan
  • Easy, no hassle administration with no enrollment or lock-in periods to manage

For more information on cost containment options, please speak to your group benefits advisor or your Empire Life account team.