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.
Now more than ever, employers need to focus on managing their drug spend effectively and understand their return on investment. What actions can employers take now to ensure that their drug plans remain sustainable for future generations of employees?
By the early ’80s, flexible benefits had really taken off in the U.S., but it was still a relatively unknown concept north of the 49th parallel. “With such a different environment in Canada, a lot of people thought Canadians really didn’t need choice in healthcare, because it’s not the same issue,” says Bob McKay, retired last year from Aon Hewitt (formerly Hewitt Associates).
Concerns related to rising healthcare costs are weighing on the minds of Canadian retirees and pre-retirees, says a Munich Re study.
Getting players in the Canadian Football League (CFL) to focus on planning for their retirement while they work on passing yards or tackles is a tough play to execute. But, with the average CFL playing career lasting just 3.2 years, Mike Morreale, president of the Canadian Football League Players’ Association (CFLPA) knows it’s important to get players to consider their future.