A large majority (80 per cent) of Canadian employers feel it’s extremely (36 per cent) or somewhat challenging (44 per cent) to provide benefits in today’s economic climate, according to the 2024 Benefits Canada Healthcare Survey. However, three-quarters (77 per cent) of plan sponsors indicated their health benefits plan was extremely or very important to […]
U.S. employers’ health benefits costs are expected to increase to nearly eight per cent for 2025, the highest amount in more than a decade, according to a new survey by Business Group on Health. The survey, which polled 125 large employers, found they’re planning to continue to absorb much of the increases at least for […]
Nearly half (47 per cent) of U.S. employers report their salary budgets for 2024 are lower than the previous year, as the overall median pay raise for 2024 fell to 4.1 per cent, down from 4.5 per cent in 2023, according to a new survey by WTW. The survey, which polled more than 1,800 employers, […]
When considering whether to cover Wegovy, an obesity medication, it’s important for plan sponsors to weigh increased short-term costs with long-term savings, while considering alternative treatments that are also available, says Philippe Laplante, a principal at Eckler Ltd. Plan sponsors that decide to cover Wegovy, which launched in Canada last month, could see a significant cost […]
As more insurers turn to preferred pharmacy networks to decrease costs, their efforts are being met with some resistance by plan members who may be finding it difficult and inconvenient to switch pharmacy providers. In January, Manulife Financial Corp.’s move to a preferred pharmacy network with Loblaw Cos. Ltd.’s Shoppers Drug Mart was met with […]
While there are multiple opportunities for the use of artificial intelligence in the employee benefits space — including making the claims process more efficient and personalizing the plan member experience — one of the biggest advantages of the technology is the ability to streamline administrative tasks, allowing employees to focus on more value-added work in […]
The Canadian Life and Health Insurance Association has released a critical illness insurance guide to help Canadians better understand the benefits of critical illness insurance and how it works. Critical illness insurance is less well known than other types of insurance, so the guide helps to fill in the blanks for Canadians who may have […]
More than half (58 per cent) of global insurers say they anticipate higher health benefits costs over the next three years, with the average global cost trend projected to increase by 9.9 per cent in 2024, according to a new survey by WTW. The survey, which polled more than 260 insurers representing 66 countries, found […]
The average per-employee cost of U.S. employer-sponsored health benefits has risen by 5.2 per cent in 2023 to reach US$15,797, according to a new survey by Mercer. The survey, which polled more than 1,900 U.S. employers, found cost increases were highest for employers with 50 to 499 employees (7.8 per cent on average) and these […]
U.S. employers say they’re expecting their total health benefits plan costs to rise by an average of 5.4 per cent per employee in 2024, according to a new survey by Mercer. The survey, which polled more than 1,900 employers, found the projected increase comes after more than a decade of annual cost increases typically averaging […]