Innovative program helps employers mitigate costs of gene therapy treatment
Amwins Group Benefits released its new Gene Therapy Solutions program exclusively available through Stealth Partner Group
, an Amwins company. This new solution when coupled with stop-loss coverage, provides a sustainable, revolutionary strategy that prepares employers to face unexpected, high-dollar gene therapy claims with confidence.
“Our goal is to help employer groups navigate the future of gene therapy while providing unrivaled knowledge and expertise to help mitigate their financial risk,” said Harley Barnes, Jr., co-chief executive officer at Stealth Partner Group. “We’re launching the Gene Therapy Solutions program to empower employers as they implement smart, practical and complete risk management programs and strategies for their employees.”
Amwins Gene Therapy Solution offers unique program advantages like easy billing, seamless contract management, portability between carriers, and meaningful first-dollar protection to the employer. The Gene Therapy Solution provides coverage for three Food and Drug Administration (FDA) approved treatments:
- Luxturna treatment for hereditary blindness up to $850,000
- Zolgensma treatment for spinal muscular atrophy (SMA) $2,200,000
- Spinraza treatment for spinal muscular atrophy (SMA) up to $2,200,000
Luxturna is a curative treatment for a rare form of inherited vision loss. Zolgensma is a curative treatment for children under two years of age for SMA conditions that were previously fatal. Spinraza is proven to significantly slow the progression of spinal muscular atrophy in pre-symptomatic infants.
“Developments in gene and cell therapies have the potential to provide life-changing treatments, but also present significant financial risk to self-funded plan sponsors,” said Josh McGee, vice president Amwins Accident & Health Underwriters, who is responsible for proprietary program development for Stealth Partner Group. “Our mission is to support our retail partners by providing meaningful solutions that protect employers as they face the ever-evolving and complex gene therapy landscape.”
According to the FDA, there are 22 cellular and gene therapies in the market today of which include 18 cellular treatments and four gene therapy treatments ranging in price from $500,000 to $3,000,000 and seven approved treatments predicted by next year. Costs for these gene therapies are expected to rise beyond $3,000,000 within the next 12-18 months. Amwins anticipates adding coverage for additional treatments as they are approved and available in the market.
About Amwins Group, Inc.
Amwins is the largest independent wholesale distributor of specialty insurance products in the U.S., dedicated to serving retail insurance agents by providing property and casualty products, specialty group benefit products, and administrative services. Based in Charlotte, NC, the company operates more than 155 offices globally and handles premium placements in excess of $29 billion annually.
About Stealth Partner Group
Stealth Partner Group, an Amwins Company, was founded in 2009 and has grown to be one of the largest specialized general agencies in the country. The firm partners with brokers, consultants, and third-party administrators (TPAs) to negotiate, implement, and assist in managing medical stop-loss and ancillary benefits with the nation's top-tier carriers. With 15 offices across the U.S., Stealth offers its clients more than 150 years of collective experience in the stop-loss and ancillary insurance marketplace. For more information, visit stealthpartnergroup.com