After the Arthritis Society’s extensive advocacy for medical cannabis research, it seemed only natural for the organization to cover the drug under its employee benefits plan. In 2017, as it prepared to introduce the coverage, it brought together an expert panel, including doctors with extensive experience prescribing medical cannabis and expert pharmacists and advisors from […]
A well-designed group benefits plan can be critical to attracting and retaining the right talent, as well as keeping employees healthy and productive at work. But for small employers, offering a benefits plan is easier said than done.
One size no longer fits all and employees are demanding benefits that cater to their unique needs. Twenty years ago most organizations provided traditional benefits programs. Aside from the ability to purchase some optional life and accidental death and dismemberment insurance, these programs provided virtually no choice for employees to tailor their coverage needs.
The Canada Revenue Agency (CRA) has changed its position on the tax implications of employee bonuses directed to healthcare spending accounts (HCSAs). Employers who have or are considering HCSAs need to understand the significant change and how it affects their plans.
The debate between the provinces and the feds about healthcare funding rages on. The question of who owns what remains at the core of the debate, but one undeniable truth underlies the discussion: We—as Canadians—cannot afford our current healthcare funding commitments.
With any financial product, a lack of industry standardization often causes confusion within the marketplace. No product within the benefits market today could be more subject to such confusion than the healthcare spending account (HCSA).
Many of today’s employees work in an environment where companies fight to hire the best. In its February 2010 review of hiring trends, HRinfodesk.com (a site dedicated to Canadian payroll and employment law) reported that one significant trend is a move to recruit top talent to replace low performers. Companies, it said, “will need to […]
Traditional group benefits programs are facing unsustainable cost pressures; healthcare costs alone are expected to double in the next five years, based on information included in the 2010 Canadian Health Care Trend Survey Results by Buck Consultants. There are many contributors to the cost pressures, including cost inflation, changes in prescription drug costs and usage, […]
If you were designing the ideal benefit, you’d probably want it to appeal to employees, offer plan sponsor funding and be tax-effective, flexible and easy to administer. However, you might be surprised to learn that such a benefit already exists: spending accounts (SAs) offer all of this—and more. SAs have been around for a number […]
Visa Canada and Great-West Life have teamed up to give Canadian plan members a simplified way to use their health benefits with a new benefits payment card. The card, called the Health SolutionsPlus Visa payment card, will allow point-of-sale access to a group plan member’s available healthcare spending account (HCSA) balance. The card will reduce […]