Transamerica Employee Benefits, formerly known as Transamerica Worksite Marketing, announced Tuesday the launch of a new voluntary prescription drug indemnity benefit that provides access to discounted prescription medications for employees who otherwise may not have access to affordable health care.
Available at more than 60,000 pharmacies nationwide, Transamerica's prescription drug indemnity benefit can also put money back in employees' pockets when they fill prescriptions.
"As a broker, I am thrilled with the new prescription benefit option for TransChoice Plus, and my clients are very excited to offer this new unique benefit to their staffs," says Mitchell Besvinick, President of Innobenefits, LLC in Newtown Square, Pa.
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More than one-in-five American workers are not eligible for health benefits offered by their employer, creating coverage gaps that prevent employees from accessing needed care. Now, in addition to existing benefits that help employees with the cost of other common health care needs, Transamerica's new drug indemnity benefit provides access to deeply-discounted prescriptions, including Walmart's $4 prescription program. The drug indemnity program also offers the added benefit option of quickly receiving the amount of any excess benefit payment back in cash for the policyholder.
The prescription drug indemnity benefit is a new option for the TransChoice® Plus voluntary limited benefit hospital indemnity insurance policy, underwritten by Transamerica Life Insurance Company, which allows employers to offer meaningful healthcare benefits to their entire staff, including part-time and limited-income workers. TransChoice Plus is available to employees at cost-effective group rates with no cost to the business owner.
"Transamerica is committed to helping employers provide their workforce with a comprehensive suite of attractive and affordable insurance benefits," says Randy Clarkson, president of Transamerica's Employee Benefits division. "This new benefit from Transamerica is a significant step forward in closing the insurance gap by giving employees, including those workers who don't typically qualify for major medical insurance, access to much-needed health and prescription benefits."
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