cost management – Benefits Canada.com

How plan sponsors, insurers should approach Wegovy rollout in Canada

Sadie Janes — Wed, 12 Jun 2024 13:00:04 +0000

When considering whether to cover Wegovy, an obesity medication, it’s important for plan sponsors to weigh increased short-term costs with long-term savings, while considering alternative treatments that are also available, says Philippe Laplante, a principal at Eckler Ltd. Plan sponsors that decide to cover Wegovy, which launched in Canada last month, could see a significant cost […]

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More private payers seeking to reduce costs turning to preferred pharmacy networks: expert

lbailey — Wed, 01 May 2024 13:00:24 +0000

As more insurers turn to preferred pharmacy networks to decrease costs, their efforts are being met with some resistance by plan members who may be finding it difficult and inconvenient to switch pharmacy providers. In January, Manulife Financial Corp.’s move to a preferred pharmacy network with Loblaw Cos. Ltd.’s Shoppers Drug Mart was met with […]

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2024 Group Benefits Providers Report: Leveraging AI to streamline benefits

Sadie Janes — Fri, 12 Apr 2024 12:57:54 +0000

While there’s multiple opportunities for the use of artificial intelligence in the employee benefits space — including making the claims process more efficient and personalizing the plan member experience — one of the biggest advantages of the technology is the ability to streamline administrative tasks, allowing employees to focus on more value-added work in addition […]

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CLHIA releases critical illness insurance guide to provide clarity, highlight benefits

Sadie Janes — Fri, 15 Mar 2024 13:00:57 +0000

The Canadian Life and Health Insurance Association has released a critical illness insurance guide to help Canadians better understand the benefits of critical illness insurance and how it works. Critical illness insurance is less well known than other types of insurance, so the guide helps to fill in the blanks for Canadians who may have […]

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58% of global insurers anticipating health benefits cost increases over next 3 years: survey

Sadie Janes — Wed, 06 Dec 2023 14:00:08 +0000

More than half (58 per cent) of global insurers say they anticipate higher health benefits costs over the next three years, with the average global cost trend projected to increase by 9.9 per cent in 2024, according to a new survey by WTW. The survey, which polled more than 260 insurers representing 66 countries, found […]

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Average cost of U.S. health benefits per employee rose 5.2% in 2023: survey

Sadie Janes — Wed, 29 Nov 2023 14:00:32 +0000

The average per-employee cost of U.S. employer-sponsored health benefits has risen by 5.2 per cent in 2023 to reach US$15,797, according to a new survey by Mercer. The survey, which polled more than 1,900 U.S. employers, found cost increases were highest for employers with 50 to 499 employees (7.8 per cent on average) and these […]

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U.S. employers’ health benefits costs expected to rise 5.4% per employee: survey

lbailey — Tue, 12 Sep 2023 13:00:53 +0000

U.S. employers say they’re expecting their total health benefits plan costs to rise by an average of 5.4 per cent per employee in 2024, according to a new survey by Mercer. The survey, which polled more than 1,900 employers, found the projected increase comes after more than a decade of annual cost increases typically averaging […]

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U.S. employers’ health benefits costs projected to increase 8.5% in 2024: survey

lbailey — Thu, 31 Aug 2023 13:00:51 +0000

U.S. employers are expecting health benefits costs to increase by an average of 8.5 per cent to more than $15,000 per employee in 2024, according to a new survey by Aon. The survey, which polled 800 U.S. employers, found the projected increase is nearly double the budgeted amount that employers experienced from 2022 to 2023 (4.5 per cent). […]

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U.S. employer-sponsored health benefits costs expected to rise 7% in 2024: survey

Sadie Janes — Mon, 21 Aug 2023 19:00:21 +0000

The costs of U.S. employer-sponsored medical benefits are expected to rise seven per cent in 2024, according to a new survey by the International Foundation of Employee Benefit Plans. The survey found 79 per cent of U.S. employers’ benefits plans are self-funded (with or without stop-loss coverage), while 21 per cent are fully insured. The […]

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Coverage of the 2022 Face to Face in Drug Plan Management Forum

Jennifer Paterson — Mon, 23 Jan 2023 13:00:54 +0000

Running for more than 17 years, Benefits Canada‘s Face to Face Drug Plan Management Forum is the industry’s most popular drug benefits conference. In 2022, the event returned to a face-to-face format at the Sheraton Centre in Toronto on Dec. 6. Attendees learned about fresh drug plan design insights, including a new drug launch panel […]

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