cost management – Benefits Canada.com https://www.benefitscanada.com Canada's most influential pension and benefits publication for decision-makers Fri, 26 Apr 2024 20:02:31 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 2024 Group Benefits Providers Report: Leveraging AI to streamline benefits https://www.benefitscanada.com/archives_/benefits-canada-archive/2024-group-benefits-providers-report-leveraging-ai-to-streamline-benefits/ Fri, 12 Apr 2024 12:57:54 +0000 https://www.benefitscanada.com/?p=154136 While there’s 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 addition […]

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]]> CLHIA releases critical illness insurance guide to provide clarity, highlight benefits https://www.benefitscanada.com/benefits/health-benefits/clhia-releases-critical-illness-insurance-guide-to-provide-clarity-highlight-benefits/ Fri, 15 Mar 2024 13:00:57 +0000 https://www.benefitscanada.com/?p=153151 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 […]

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]]> 58% of global insurers anticipating health benefits cost increases over next 3 years: survey https://www.benefitscanada.com/benefits/health-benefits/58-of-global-insurers-anticipating-health-benefits-cost-increases-over-next-3-years-survey/ Wed, 06 Dec 2023 14:00:08 +0000 https://www.benefitscanada.com/?p=148315 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 […]

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]]> Average cost of U.S. health benefits per employee rose 5.2% in 2023: survey https://www.benefitscanada.com/benefits/health-benefits/average-cost-of-u-s-health-benefits-per-employee-rose-5-2-in-2023-survey/ Wed, 29 Nov 2023 14:00:32 +0000 https://www.benefitscanada.com/?p=147872 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 […]

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]]> U.S. employers’ health benefits costs expected to rise 5.4% per employee: survey https://www.benefitscanada.com/benefits/health-benefits/u-s-employers-health-benefits-costs-expected-to-rise-5-4-per-employee-survey/ Tue, 12 Sep 2023 13:00:53 +0000 https://www.benefitscanada.com/?p=143210 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 […]

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]]> U.S. employers’ health benefits costs projected to increase 8.5% in 2024: survey https://www.benefitscanada.com/benefits/health-benefits/u-s-employers-health-benefits-costs-projected-to-increase-8-5-in-2024-survey/ Thu, 31 Aug 2023 13:00:51 +0000 https://www.benefitscanada.com/?p=142751 U.S. employers are expecting health benefits costs to increase by an average of 8.5 per cent to more than $15,000 per employee in 2024, according to a new survey by Aon. The survey, which polled 800 U.S. employers, found the projected increase is nearly double the budgeted amount that employers experienced from 2022 to 2023 (4.5 per cent). […]

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]]> U.S. employer-sponsored health benefits costs expected to rise 7% in 2024: survey https://www.benefitscanada.com/benefits/health-benefits/u-s-employer-sponsored-health-benefits-costs-expected-to-rise-7-in-2024-survey/ Mon, 21 Aug 2023 19:00:21 +0000 https://www.benefitscanada.com/?p=142401 The costs of U.S. employer-sponsored medical benefits are expected to rise seven per cent in 2024, according to a new survey by the International Foundation of Employee Benefit Plans. The survey found 79 per cent of U.S. employers’ benefits plans are self-funded (with or without stop-loss coverage), while 21 per cent are fully insured. The […]

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]]> Coverage of the 2022 Face to Face in Drug Plan Management Forum https://www.benefitscanada.com/events/conference-coverage/coverage-of-the-2022-face-to-face-in-drug-plan-management-forum/ Mon, 23 Jan 2023 13:00:54 +0000 https://www.benefitscanada.com/?p=132517 Running for more than 17 years, Benefits Canada‘s Face to Face Drug Plan Management Forum is the industry’s most popular drug benefits conference. In 2022, the event returned to a face-to-face format at the Sheraton Centre in Toronto on Dec. 6. Attendees learned about fresh drug plan design insights, including a new drug launch panel […]

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]]> Rethinking risk management and the future of private drug insurance https://www.benefitscanada.com/events/conference-coverage/rethinking-risk-management-and-the-future-of-private-drug-insurance/ Mon, 23 Jan 2023 12:59:49 +0000 https://www.benefitscanada.com/?p=132520 With cost of private drug plan claims rising about 5.5 per cent each year, pooling is one solution that could be beneficial for benefits plan sponsors. “Theoretically, if these claims could be shared across a broader group, such as the complete private insurance industry, plan costs could be less volatile for individual plan sponsors,” said […]

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]]> Striking the right balance between member access, plan sustainability https://www.benefitscanada.com/benefits/health-benefits/striking-the-right-balance-between-member-access-plan-sustainability/ Mon, 23 Jan 2023 12:58:11 +0000 https://www.benefitscanada.com/?p=132525 Plan sponsors face challenges balancing benefits plan sustainability while also ensuring their plan members have access to the care they need, said Marie-Hélène Dugal, manager of pharmacy benefit strategy at Medavie Blue Cross, during a session at Benefits Canada’s 2022 Face to Face Drug Plan Management Forum in Toronto in December. Referring to Medavie’s claims data, […]

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