Cost management – Benefits Canada.com

Survey finds cost of employer benefits in Canada set to rise 7% in 2022

mdunne — Wed, 13 Oct 2021 13:00:40 +0000

Employer-provided medical benefits costs in Canada will rise seven per cent in 2022, according to a new survey by Aon. The annual global medical trend rates survey found the expected increase for Canadian employer-sponsored medical plan costs is due to a combination of higher costs for dental care, paramedical expenses and prescription drugs. It was conducted […]

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Nova Scotia Teachers’ underperforms benchmark in 2020, facing independent review

mdunne — Tue, 04 May 2021 13:00:35 +0000

The Nova Scotia Teachers’ Pension Plan returned 6.78 per cent in 2020, increasing net assets to $5.519 billion, but falling short of the policy benchmark of 7.96 per cent. The plan did outperform the actuarial assumed rate of return of 5.70 per cent. “Like many pension plans across the country impacted by COVID-19, we saw […]

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Drug pricing reforms may impact Canadians’ access to medications

mschmit — Fri, 15 Jan 2021 04:57:58 +0000

Despite concerns Canadian drug prices are skyrocketing, the Patented Medicines Price Review Board, Canada’s price regulator, has ensured costs for patented drugs haven’t increased more than the Canadian Consumer Price Index in close to 30 years, said Wayne Critchley, Global Public Affairs’ senior associate of health and life sciences, during Benefits Canada’s Face to Face […]

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Pharmacoeconomic analyses a tool in private-payer decision-making process

mschmit — Fri, 15 Jan 2021 04:56:43 +0000

A recent Telus Health comparison of a drug’s cost effectiveness when calculated from the private versus the public-payer perspective demonstrated clearly that the private-payer perspective matters when assessing the value of a medication, explained Dr Nina Lathia, pharmacist, and health economist, at Benefits Canada’s Face to Face Drug Plan Management Forum on Dec. 9, 2020. […]

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Specialty drug prior authorization a useful tool for plan sponsors

mschmit — Fri, 15 Jan 2021 04:54:35 +0000

Analysis by Telus Health found specialty drugs have grown from 11 per cent of total private drug plan claims costs in 2008 to 30 per cent in 2019 and require effective management to ensure sustainability of health benefits plans, said Suzanne Lepage, private health plan strategist, during a session at Benefits Canada’s Face to Face […]

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Employers balancing benefits costs and employee well-being: survey

mschmit — Wed, 25 Nov 2020 04:30:13 +0000

As the coronavirus pandemic continues, Canadian employers are balancing the need to reduce benefits costs while focusing on employee well-being, according to a new survey by Arthur J. Gallagher & Co. Just over half (55 per cent) of respondents said controlling costs is their top benefits-related challenge this year, with many considering measures such as variable cost […]

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Group health plan costs expected to rise in 2021: report

mschmit — Thu, 29 Oct 2020 11:15:07 +0000

The costs of employer-provided health plans in Canada are expected to rise seven per cent next year, outpacing general inflation by more than five per cent, according to a new report by Aon Canada. Contributing factors include higher drug prices, the impact of non-communicable health risks and the continued introduction of new and expensive therapies. Indeed, […]

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Cost of employer medical benefits to rise 7.2% in 2021: report

mschmit — Mon, 19 Oct 2020 04:45:51 +0000

The costs of employer medical benefits around the globe are forecasted to rise 7.2 per cent in 2021, outpacing general inflation by five per cent, according to a new medical trends report by Aon. “There is still a significant amount of uncertainty regarding COVID-19’s impact on deferred treatments and long-term health care,” said Tim Nimmer, Aon’s […]

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What did the throne speech promise for employers and workers?

mschmit — Thu, 24 Sep 2020 04:45:35 +0000

With employers and employees still suffering through the limbo of the coronavirus pandemic, Wednesday’s throne speech clarified how the federal government plans to continue to support Canadians. In her speech, Governor General Julie Payette said the Canada Emergency Wage Subsidy will be extended into 2021. She also said the government intends to shift away from emergency benefits […]

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Concentrated portion of plan members responsible for 53% of total drug costs in 2019: report

mschmit — Fri, 18 Sep 2020 11:00:52 +0000

Over the past four years, total drug costs adjudicated by HBM+ have risen from about $1.2 billion to $1.5 billion, while the number of claimants has increased from 1.7 million to more than two million. The inaugural drug trends and strategic insights report by the health benefits manager, a division of Green Shield Canada, examined drug […]

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