The employee benefits industry is constantly changing and it’s important that Benefit Consultants and Brokers are kept current on what’s happening in the group insurance industry.
Today, the ENCOMPASS Team of Consultants attended an excellent education session hosted by Great-West Life – one of the many group insurance providers we work with.
During this session, Great-West Life shared a short and informative hand-out identifying the Top 10 Benefit Facts. Please download the full version.
GWL Top 10 Benefit Facts (April 2013)
Highlights of the Top 10 Facts:
- Benefit deductibles of $25 set twenty years ago really has the same value as a $200 deductible today.
- Provincial Drug Formularies – none of the provincial drug formularies cover any of the 7 top 10 most costly drugs.
- Prescription drug experience for 60% of GWL’s renewals show worse experience (aka claims usage).
- Rheumatoid Arthritis is the fastest growing expense associated to drug care costs.
- Hospital costs for an 85 year old are 14 times higher than costs for a 55 year old.
- Paramedical services (e.g. massage) are the fastest growing cost associates with healthcare (19% of healthcare costs).
- An employee on Long Term Disability (LTD) has a 1 in 20 chance that the claim duration will exceed 10 years.
- 43% of LTD claims terminate because claimant is able to return to work.
- Less than 1% of plan members claim more than $5K in healthcare expenses; however, 28% of these plan members are claiming more than $5K annually five years later.
- Healthcare costs for each individual increases by 30% for every five year age increment prior to age 65.
Working with a Professional Benefits Consultant
Are you working with the Right Benefits Broker? Complete our checklist to find out.
Please contact an ENCOMPASS Consultant if you are looking for a team of knowledgeable employee benefits experts to help you navigate the constantly changing group insurance industry.
