As U.S. employers look to keep their workers safe and healthy in the face of the global pandemic, they could see their health-care benefits costs jump by as much as seven per cent this year as a result of coronavirus-related testing and treatment, according to an actuarial analysis of self-funded employers by Willis Towers Watson. […]
On March 3, the 2020 Employers Cancer Care Summit featured sessions on cancer-related issues and opportunities tied to benefits plans and the workplace. Many perspectives required when covering cancer drugs on benefits plans While treatment options for cancer are more than they used to be, many still aren’t covered under the public health-care system, according to Tim […]
While treatment options for cancer are more than they used to be, many still aren’t covered under the public health-care system, according to Tim Clarke, president of TC Health Consulting Inc. In a session at Benefits Canada’s 2020 Employers Cancer Care Summit on Mar. 3, he said employer costs for cancer drug treatments have doubled between […]
When it comes to benefits plan management, each case is individual, said Diana Godfrey, senior vice-president of human resources and corporate at Fidelity Canada, during a session at Benefits Canada’s 2020 Employers Cancer Care Summit on Mar. 3. “If employers think they have a program or policy that covers every situation, they may be mistaken.” […]
Taking a look at private drug plans in 2020, a number of trends are converging: spending on specialty drugs is continuing its upward trajectory, advancements in a number of lifechanging therapies are in the pipeline and policy developments are coming at both the federal and provincial levels. In the face of this potential storm, plan […]
Since the point of an editorial is to create a discussion on the trends and issues affecting our industry, I was glad to see my latest — in the January/February issue — sparked a good debate. The print edition of Benefits Canada doesn’t have a Letters to the Editor section, so I’m compiling all the […]
The Canadian Life and Health Insurance Association is asking the Patented Medicine Prices Review Board to include workplace-related factors when it sets maximum prices for medications. In its submission for the PMPRB’s consultation on its draft guidelines, which were released in November, the CLHIA said the life and health insurance industry is very supportive of the […]
How does a plan sponsor solve a problem like a massive drug claim? One solution embraced by the Canadian market is drug pooling, which goes back to the heart of pure insurance. Pooling risk to mitigate certain health-care costs is a long-standing practice in Canadian employee benefits. A benefits plan pays a pre-determined pool charge […]
In employee benefits plans, maximums and caps on prescription drug dispensing fees are common cost management features. These features are designed to nudge plan members to purchase prescription drugs at pharmacies with lower dispensing fees, lowering their out-of-pocket costs, as well as potentially reducing plan costs for employers. For example, where a drug plan has a $5 dispensing […]
The Canadian Life and Health Insurance Association is asking the federal government to develop a strategy for access to high-cost drugs and to make flexible annuity options available for a variety of retirement savings vehicles. In its 2020 budget submission to Finance Minister Bill Morneau, the association called for the federal government to work with provincial and territorial governments and […]