BCS Financial has expanded its stop loss and reinsurance offerings to include new payer solutions in response to the growing gene therapy pipeline.
Peter Costello, BCS President & Chief Executive Officer, commented, “Gene therapies offer the promise of potential cures, but with treatment costs ranging from $2m to $4m payers and self-insured employers will be challenged to finance these unprecedented costs.
“At BCS, we are focused on finding new ways to help health plans, employers, and ultimately insureds finance and utilize these costly treatments as part of our mission to improve affordability and access to care.”
Citing the fact that more than 20 therapies are expected to hit the market by 2024, including 7 already approved by the FDA, BCS said it is “proactively responding with new employer and health plan solutions designed to help finance and mitigate the risk for payers.”
BCS’ new product solutions include a reinsurance pool product for health plans that covers the cost of gene therapy ingredients; and a gene-therapy-only stop loss product designed to protect large, self-insured employers from the frequency and severity of these one-time treatments.
According to BCS, the new reinsurance product will cover more than 9 million lives as part of its RiskNavigator solution set.
Mehb Khoja, BCS’ Large Claim Solutions leader, said, “The gene therapy pipeline is experiencing rapid growth, and BCS is growing and developing right alongside it with new and innovative products and solutions.
“These are remarkable treatments, and our goal is to help alleviate the unexpected burden of these expenses for self-insured employers and health plans.”
