While Canadian employers understand the importance of workplace wellness, many are struggling to create comprehensive programs to actually improve employee health—and their bottom lines. That’s the finding of the 2011 Buffett National Wellness Survey, released Oct. 25 at the launch of Sun Life Financial’s 2011 series of Wellness Institute Breakfasts in Toronto. The good news […]
After two years of increasing inflation in health benefits plan costs, Canadian employers can now expect a break, according to a survey released by Buck Consultants. Insurers have lowered their expected inflation costs for health benefits premiums (including prescription drugs, medical expenses, hospital coverage and dental care) from 15% in 2010 to 14.4% in 2011. […]
Trend factors and, more specifically, health trend factors, use an organization’s experience with historical claims to forecast future healthcare benefits costs. Insurers apply these trends as a way to rate your plan. The trend factor captures anticipated increases in the cost of medical goods and services and considers changes in utilization patterns driven by factors […]
With many details of U.S. healthcare reform still unknown, organizations are struggling to develop a long-term healthcare strategy, says a recent survey by Towers Watson. According to the Health Care Changes Ahead Survey Report, 88% of employers surveyed are planning small or moderate changes to their healthcare plans for 2012 and 45% will rethink their […]
To help employees better manage stress in their work, health and personal life, Morneau Shepell Ltd., through the Shepell·fgi brand, has launched a new online stress management program. Interactive features in the program include action email reminders, a three-month goal overview calendar, an area to record thoughts and evaluate one’s thinking patterns, stress-busting games and […]
With healthcare costs rising, employees are expected to be more accountable for maintaining their own health and monitoring their expenses, says Aon Hewitt. According to the consulting firm, overall U.S. healthcare costs are expected to rise 7% in 2012 to US$10,475 per employee, compared with US$9,792 per employee in 2011. While employers will likely continue […]
Some insurance companies now provide online claiming for non-drug benefits (electronic adjudication of drug claims has been around for years). But how has this increase in online claiming affected—positively or negatively—group insurance fraud? What impact has this new claiming channel had upon the “misuse, abuse and overuse of benefits?” Unfortunately, fraudulent activities continue to thrive. […]
When do Canadian small business owners turn to their benefits or financial advisor? What type of retirement plan is most popular for small businesses across the country? What issues do owners struggle with while trying to grow their businesses? Find out the answer to these questions and how small business owners are managing day-to-day challenges […]
A trip to Paris. Pet insurance. Unlimited time off. Canada’s Top 100 Employers have been named for 2012, and they show that offering non-traditional benefits can have a positive impact on recruiting, engaging and retaining employees. The annual ranking, now in its 13th year, attempts to determine which employers are leaders in their industries when […]
Time and tools are the key factors in an effective benefits education program, according to research from Unum, a benefits services provider for the U.S. and the U.K. The firm’s study of more than 1,700 employed adults points to a “three-plus-three communication strategy,” in which members have at least three weeks to review at least […]