– by Carol A. Cooper, Integrated Benefit Solutions –
Did you know that the cost of providing employee benefits is expected to double by 2020?
These days we are all very focused on wellness and that includes the ability to remain active and working for as long as we want. A strong and sustainable benefits program fosters a healthy workplace and helps attract and retain skilled staff.
What are some of the trends
driving up these costs?
• Our workforce is aging, and utilization of health and dental benefits is on the rise – in particular disability claims.
• Prescription drugs are the biggest piece of the benefit pie, and increasing use of pricey designer biologics pushes costs higher.
• “De-listing” of services means that there is more dependence on private plans.
Since the premiums paid by the employer are a tax deductible business expense, offering benefits is a good investment. It’s also a cost-effective way to increase overall compensation, while promoting wellness. There are many options that can be customized to meet your needs. The Private Health Services Plan (PHSP) is designed for businesses to provide flexible health and dental coverage for their employees and families. Medical Access Insurance offers faster diagnoses via expedited MRIs and CT Scans, and quicker treatment such as Hip and Knee surgery. Another option is an enhanced Group Benefits Plan with cost containment strategies built right in. ManagedRX™ offers free overnight delivery from a Central Dispensing Pharmacy to your door. It reduces drug claim costs with lower dispensing fees and an incentive to choose the cheaper generic version. For plans with disability benefits, The Disability Management Institute ™ provides early intervention to better manage claims. There are many approaches to developing affordable protection for you and your team.
For a different conversation on employee benefits email me at
Info@CooperFinancial.ca or visit www.ibsflex.ca.
