New solution offers additional protection from gene therapy risk for self-funded employer groups

CHICAGO, Oct. 3, 2024 /PRNewswire/ -- BCS Financial today announces a new stop loss product for small to mid-sized self-funded employer groups seeking additional protection from gene therapy costs. Known as Stop Loss GTS, the product is designed to sit alongside traditional stop loss coverage and provide additional risk protection against unknown – and unprecedented – gene therapy costs.

"Gene therapies are changing modern medicine, and they are also changing the self-funded insurance market," said Mehb Khoja, BCS Head of Large Claims Solutions. "With treatments ranging $2M to $4M, it's going to be a challenge for many self-funded employer groups to finance these costs within their traditional stop loss policies. That's why we've created Stop Loss GTS – to help fill a gap in the market and provide additional protection for employers."

The product offers self-funded employer groups the option to "carve out" the gene therapy ingredient costs in a separate stop loss policy, providing protection against the therapy costs themselves, and reducing the risk of lasering and non-renewals on their traditional stop loss policy. The product is currently available for quoting in 45 states.

Stop Loss GTS is the latest addition to BCS's suite of solutions designed to provide additional protection for this growing risk.

"Our goal is to help alleviate the unexpected burden of these expenses for self-insured employers and health plans," said Khoja.

"We've had solutions in the market since 2019 when the first gene therapies were FDA approved, and have introduced new products as additional therapies have hit the market. As the gene therapy pipeline continues to grow, BCS will continue to develop new and innovative products and solutions alongside with it."

For more information about Stop Loss GTS, or other gene therapy insurance solutions, visit bcsf.com or contact your insurance broker.

About BCS Financial: BCS Financial Corporation has more than 70 years of experience delivering a wide-range of insurance and financial solutions for Blue Cross and Blue Shield organizations and commercial markets nationwide. Through its subsidiaries, BCS Insurance Company and 4 Ever Life Insurance Company, BCS is licensed in all 50 states and is rated A (Excellent) by A.M. Best. BCS Financial is headquartered in Oakbrook Terrace, Ill. Learn more at bcsf.com.

Media Contact:
Nathan Post
Phone: 630.472.7860.

SOURCE BCS Financial