Canada’s life and health insurers paid out a record $114 billion in health and retirement benefits last year, up $11 billion since before the coronavirus pandemic and up 60 per cent from a decade ago, according to the Canadian Life and Health Insurance Association’s annual fact book. “During a year when many households faced higher […]
An article on the Ontario Court of Appeal upholding its decision in the Brewers Retail Inc. pension case was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Court of Appeal upholds decision in Brewers Retail pension case 2. Are insurers updating their benefits policies to include […]
Last year, a benefits plan member in British Columbia was shocked when his insurance provider rejected an orthotics claim because the prescriber was a nurse practitioner rather than a “physician.” In the story, reported by the Victoria, B.C.-based Times Colonist, the chief executive officer of Nurses and Nurse Practitioners of B.C. said it wasn’t the […]
Jessica Tincopa may leave the photography business she spent 14 years building for one reason — to find coverage for fertility treatment. After six miscarriages, Tincopa and her husband started saving for in vitro fertilization, which can cost more than US$20,000. But the coronavirus pandemic wiped out their savings and they can’t find coverage for IVF in their state’s health insurance marketplace. So the California couple is saving again and […]
Although a majority (83 per cent) of U.S. employers say their employees are satisfied with their current benefits offerings, fewer than two-thirds (61 per cent) of workers agree, according to a new survey by MetLife Inc. The survey, which polled more than 2,800 employers and more than 2,800 full-time employees, found the No. 1 reason […]
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 […]
Acera Insurance is merging with Fairfield Watson Inc., a Calgary-based consulting firm specializing in employee benefits, insurance and retirement. The new company will retain the Acera name with Tony Fairfield, founding partner of Fairfield Watson, serving as president of group benefits. The merger will strengthen Acera’s ability to provide insurance, group benefits and risk mitigation solutions across Canada, […]
Sales of U.S. workplace supplemental health insurance products totalled US$2.1 billion in the first nine months of 2022, rising 11 per cent year over year, according to a new survey by LIMRA. It also found workplace supplemental health insurers reported a combined total of $453 million in the third quarter of 2022, three per cent […]
Canadian life and health insurers processed nearly $600 million in claims related to mental health in 2021, up 45 per cent since 2020 and 75 per cent since 2019, according to the Canadian Life and Health Insurance Association’s annual fact book. “2021 was a year of recovery and insurers have been proud partners helping employers […]
Nearly a third (30 per cent) of insurers are making changes to ensure there’s diversity among the medical providers within their networks, according to a new report by Mercer. The report found more than a quarter (27 per cent) of insurers said they’ve changed their eligibility access processes to make coverage more inclusive for LGBTQ2S+ […]