Employers should be closely examining the underlying drivers of cost growth in their drug plans, according to a new report by Innovative Medicines Canada. “Typically, [plan sponsors] get their report at the end of the year, they’ll see a cost for their drug plan and they don’t know what’s driving it,” says Joe Farago, the […]
With Canada’s population ageing and research and development looking to produce medications that are beneficial for this evolving demographic, drugs are becoming more expensive, according to Mitch Frazer, partner and chair of the pensions and employment practice at Torys LLP. In fact, among all the countries in the Organisation for Economic Co-operation and Development, Canada has the third […]
At the start of a new decade, it makes sense to look in the rear-view mirror to better understand where the industry is going. For drug plans, a crescendo of forecasts have predicted skyrocketing benefits costs, driven by high-cost drugs. That talk has only increased the cries for a national pharmacare strategy to make drugs more affordable. Looking back […]
The beginning of a new year is a great time for employers to reflect on their benefits plans and take steps to get in ahead of potential challenges. Here are four ways to set the benefits year off on a good foot: 1. Review the company’s benefits philosophy Every organization should have a philosophy that drives the design and structure […]
With employer-provided health benefits costs expected to increase globally in 2020, mental and behavioural conditions are predicted to become more common over the next five years, according to a new survey by Willis Towers Watson. The annual survey of global medical insurers found health-care costs are expected to rise at a similar rate as previous […]
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 […]
Alongside Fluor Canada’s recent move to a flexible benefits plan, it also introduced a managed drug formulary, which includes generic substitution, prior authorization, lifetime maximums and an annual out-of-pocket maximum. While the organization was hesitant to make the change, it knew it was necessary to help control drug costs, said Michelle Ginter, senior human resources […]
When it came to asking his employer to add continuous glucose monitoring to its benefits package, John Whitehead, a level-two food server at Niagara Casinos, went all in. He’s had type 1 diabetes for years, and lived through many technological developments to help manage his condition. While he says blood glucose monitoring represented a major improvement, it […]
WSP Canada Inc.’s innovative communications plan to increase employees’ awareness of its benefits plan enhancements netted it the benefits plan communications award at Benefits Canada‘s 2019 Workplace Benefits Awards in Toronto on Oct. 17. In addition to standard email and intranet articles, the professional services firm’s communications plan included using its chief executive officer’s weekly email missives to […]
Epcor Utilities Inc.’s senior manager of pension and benefits talks mental-health training, volunteering benefits and whitewater canoeing. Q. What top challenges do you face in your role? A. A big challenge is employees . . . thinking the company is 100 per cent responsible for all of their paramedical [and] dental costs, and that any […]