I recently read a fictional book in which the focus of the story was on genetic engineering and the race to discover the scientific equivalent of the fountain of youth. At the end of the book, the author asked, are immortals living amongst us? He presented a credible argument based on advances in medical science—more specifically genetic research—that children born today have an excellent chance of living forever.
Insurance carriers and pharmacy benefit managers (PBMs) have long observed that plan sponsors rarely request many of the products developed to help contain drug plan costs (e.g., managed formularies, tiered plan designs, enhanced prior authorization programs, therapeutic substitution initiatives). Recently, a plan sponsor with approximately 2,000 lives asked its carrier for a potential program centring around the surveillance of narcotic drug claims and was told that nobody had ever requested that before. This paints a bleak picture of the discrepancy between what’s available in the marketplace and what’s being requested by plan sponsors.
Cutbacks and cost-sharing have typically been the first response to increase healthcare costs. But in 2012, some plan sponsors started to think differently and put a focus on prevention and wellness.
Companies are constantly seeking ways to attract and retain the best employees. One innovative Chicago-based agency does it by being a dream employer.
In April, the Canadian Life and Health Insurance Association (CLHIA) announced the creation of an industry wide drug pooling agreement that will protect fully insured private drug plans from bearing the full financial burden of high cost drugs.
Does your extended medical coverage include vaccines? If you’re unsure, you’re not alone.
As employers look for ways to provide the best benefits at an acceptable cost, one option growing in popularity in Canada is administrative services only (ASO) plans. But what is an ASO plan, what makes it different from conventional fully insured benefits plans, and most importantly—is it a good fit for your organization?
As part of her compensation package, Tiffany DaSilva, senior online marketing manager with Achievers in Toronto, earns points for reaching certain goals. Points are given for meeting sales targets or saving the company money, or for doing something that demonstrates the company’s core values. Employees often trade those points for things such as a flat-screen TV or a high-end blender, but DaSilva had her eye on something a little different—she swapped her points for her newest family member, a miniature Chihuahua named Zooey.
It’s a constant question for employers: how do you attract the best and brightest people to your organization and then keep them?
As part of her compensation package, Tiffany DaSilva, senior online marketing manager with Achievers in Toronto, earns points for reaching certain goals. Points are given for meeting sales targets or saving the company money, or for doing something that demonstrates the company’s core values. Employees often trade those points for things such as a flat-screen TV or a high-end blender, but DaSilva had her eye on something a little different—she swapped her points for her newest family member, a miniature Chihuahua named Zooey.