Your benefits plan includes prescription drug coverage – a significant part of your overall benefits package, especially when you consider that each year, approximately 1 in 3 claimants have drug expenses over $1,000 and 1 in 25 claim more than $5,000. Here are some tips from Great-West Life on how you can make purchasing decisions to help [...]
Both accident benefits and critical illness benefits are taxable as of Jan. 2013. As per the Federal Budget released in March 2012, and the Notice of Ways & Means motion on October 15, 2012, employer contributions to group accident benefits and sickness insurance plans will be a taxable benefit to employees across Canada beginning January 1, [...]
VRSP stands for "Voluntary Retirement Savings Plan" and was introduced in March 2012 by the Province of Quebec. There are more than 1.1 million Quebecers who don't have access to a workplace savings plan, and one of the government's goals for the VRSP is to address this problem. The plan is tailored to meet the [...]
Hats off to Green Shield Canada for coining the phrase, the “Impactables”. It is a fitting phrase to describe a segment of the active claiming population that may or may not be consuming costly homeopathy or biologic medications, but who are also using ‘multiple therapeutic medications’ to treat a wide range of traditional chronic ailments. This would [...]
To manage healthcare costs for catastrophic events, the CLHIA (Canadian Life and Health and Insurance Association) announced an agreement that calls for participating carriers to pool eligible drug claims in excess of a stipulated amount and to set customer premiums without including these pooled claims. For Plan Sponsors who have been impacted by employees/members who [...]
