The Empire Life Insurance Company has launched a new Extended Healthcare Policy Protection Plan (EP3) plan to safeguard its group benefit customers against high cost claims.
Introduced as per requirements of the Canadian Drug Insurance Pooling Corporation (CDIPC), the new healthcare pooling arrangements feature the EP3 and supplementary Large Amount Pooling (LAP) to offer flexibility and choice to customers.
Empire Life Group marketing vice-president Janet Jackson said the solution will help business owners to create more sustainable benefit plans for the future by limiting their exposure to high cost claims.
”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,” Jackson added.
The plan offers choice of thresholds providing clients with flexibility to manage benefit plan costs according to their risk tolerance and budget, all extended health care benefits, as well as LAP for clients not qualified for the EP3, or those having certain claim costs considered ineligible for the EP3.
CDIPC requires all healthcare insurance carriers to offer EP3 plan for group benefit customers starting from January 2013.