The new Critical Illness rider from BCS pays
cash for insureds who are diagnosed with a disease and opt to
undergo an
FDA-approved gene therapy
CHICAGO, June 18,
2024 /PRNewswire/ -- BCS Financial, an insurance and
financial services company owned by all 34 Blue Cross Blue Shield
Plans, today announces the launch of an innovative,
first-of-its-kind Critical Illness rider to help consumers pay for
genetic therapies. The Gene Therapy Rider on BCS's EssentialCare
Critical Illness insurance policy can pay 100% of the policy face
amount when an insured is diagnosed with a covered disease and opts
to receive a gene therapy approved by the U.S. Food and Drug
Administration (FDA).
Gene therapies, which the FDA defines as "…a technique that
modifies a person's genes to treat or cure disease," have grown
exponentially in recent years thanks to medical advancements in
these new technologies. Prices vary, but typically range from
$2-5M
dollars for a one-time treatment.
"BCS is continually innovating our ancillary and voluntary
products to better support the market and our customers," says
Drew Neslin, Head of Ancillary Benefits at BCS. "The price
of gene therapies limits their accessibility for many, and our hope
is that the Gene Therapy Rider on EssentialCare Critical Illness
can help increase affordability and access to care for these
life-changing treatments."
EssentialCare Critical Illness provides fixed payments in the
event of a covered diagnosis, and with the addition of the Rider,
may provide an additional payout to help insureds pay for the cost
of genetic therapy treatment. The payments, which are based on the
policy's face value, are made directly to the insured to use how
they see fit.
The Gene Therapy Rider is the second innovative rider launched
by BCS – in 2019, BCS was the first to offer a Severe Mental
Illness Rider for Critical Illness, providing financial protection
for four major severe mental health crises. The award-winning
EssentialCare Group Critical Illness policy also provides coverage
for up to 35 physical critical illnesses, eight childhood
conditions, and a robust set of benefits that provide financial
assistance for caregiver and support services that fit today's
consumer lifestyle.
EssentialCare Critical Illness is available to employer groups
via brokers and MGAs. For more information about EssentialCare
Critical Illness, visit essentialcare.com.
BOILERPLATE
About BCS Financial: BCS Financial
Corporation has 75 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.
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SOURCE BCS Financial