Some see it as an eternal struggle: the goodhearted doctor championing the best treatments, no matter the cost, while doing battle against the tightfisted insurance company denying claims for expensive but life-saving medications. But when you get down to it, their goals often dovetail: the best care for patients at affordable prices. After all, even […]
With drug plan costs back on the upswing amid unprecedented increases for stop-loss or pooling insurance, benefits advisors and insurers are seeing more plan sponsors voicing concerns over sustainability and showing a greater willingness to take actions beyond seeking the best rates at renewal time. “The industry is in the process of reacting to what’s […]
Last week, after years of declining revenue, Postmedia Network Inc. released an internal memo announcing significant cuts to non-unionized employees’ benefits. At first glance, the changes appear warranted for the struggling media company. Upon closer inspection, the question isn’t whether the company should have cut benefits but rather how it could have strategically reduced health-care […]
I remember when employers were concerned about the potential impact of a little blue pill called Viagra that came with an annual price tag of about $1,200. In those days, $1,200 would have been a high-cost drug. In 2017, that seems like a bargain, as today’s specialty drugs cost tens of thousands of dollars per patient per year. For […]
Switching three prescription drugs classes to over-the-counter medications could save Canadians, employers, insurers and the health-care system $1 billion annually, according to a new report by the Conference Board of Canada. According to the report, the economic value of switching to over-the-counter medications is an estimated $709.9 million for proton pump inhibitors, which treat gastroesophageal […]
When Andrew Martin joined the HR department at Joey Restaurant Group eight years ago, the company hadn’t touched its paper-based, administrative services-only drug plan in many years. Martin was quick to make changes, bringing in a flexible plan, drug cards, generic substitution and copayments based on dispensing fees. Still, he stopped short of reducing the […]
The development of new cancer treatments has created an opportunity to turn some cancers into chronic, manageable diseases and allow many people to return to work. That was one of the key messages at the 2016 Employers Cancer Care Summit as an expert panel discussed the rise and implications of the new treatments for the […]
If employees don’t understand their dental benefits, they may pay unexpectedly out of pocket for their expenses. Worse, they could be vulnerable to fraudulent dental claims that contribute to rising insurance premiums. And with recent statistics showing insurance companies were paying at least $7 billion for Canadians’ dental care annually, employers have an interest in […]
While employers strive to provide the right balance in their total rewards strategies, there’s sometimes a disconnect between what they offer their employees and what staff say they need and want. Employees are asking for more choice and the ability to customize their benefits from both a health and financial perspective. Adding a selection of […]
With drug prices on the rise, you’d think employers would be making plenty of changes to save costs for their benefits plans. Surprisingly, that’s not the case. As Barbara Martinez, practice leader for drug benefits solutions at Great-West Life, told Benefits Canada’s Face-to-Face Drug Plan Management Forum last month, 90% of the insurer’s clients hadn’t […]