Oct
3 Outside the Box Ways for Employers to Save Cost on Drug Plans
With rising healthcare costs and unfavorable economic conditions, it is understandable that millions of employers are searching for ways to alleviate drug plan prices for their workers. Many businesses are having a hard enough time as it is staying afloat; unexpected increases in prescription medication can easily send these companies into uncharted financial waters. Nipping high drug plans in the bud Luckily, there are ample ways employers can curtail rising pharmaceutical prices, and they are available to small and large businesses alike. Desperate times call for desperate measures, and often times this means getting a bit creative. For instance, promoting healthy diet and exercise choices within the workplace tends to have a far greater impact on employees’ overall health and well-being than most employers realize.…
Oct
How will Biologic Drugs Impact Benefit Plan Costs?
Pharmaceutical companies are constantly working to create new marketable drugs; every so often, an entire class of prescription medication is introduced to the scene, the newest of which have been dubbed biologics. This category of drugs is quite different from other classifications in that they are manufactured from actual living organisms, thus steering away from the conventional, synthetic compositions long associated with the industry. Biologics and benefit plans Biologics account for a considerable portion of benefit plan expenditures. When talking about prescriptions that can cost upwards of $3,000 per month in some cases, it is no surprise that healthcare providers have kept a watchful, scrutinizing eye on their development. The effect on premiums pertaining to biologics has been thoroughly studied as well, and for good…
Oct
Everything you Need to Know About the New ORPP in Ontario
Officially referred to as the Ontario Retirement Pension Plan, the ORPP is one of the provincial government’s latest developments designed to alleviate financial pressures felt by workers who lack an existing plan. It was enacted to supplement the retirement income of 3+ million residents, and is thus believed to be a move in the right direction for individuals who are currently struggling with a means of forging a secure nest egg. Understanding the ORPP and how it affects workers To be clear, the ORPP bears a stark resemblance to the existing national pension plan, albeit with a few notable differences. In terms of structure, employees who enroll in the new plan are required to make income contributions via payroll deductions, which are equally matched by…
Oct
How will the Canadian Recession Affect Capital Markets?
Canada’s current economic crisis has been at the forefront of national news for some time now, and has millions of citizens concerned about everything from job security to pension benefits. In the wake of the event, the validity of which had been questionable up until a few months ago, many experts have stated it is a good idea not to become overly worried at this point. The ramifications of the 2015 recession at a glance Despite the dramatic shift in the value of the loonie and a subsequent decrease in interest rates by the Bank of Canada, both strong indicators that the country’s economy has taken a turn for the worse, nothing is ever as bad as it first seems. A drop in oil prices,…
