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YXE Benefits Provides the Chambers Plan Group Benefits in Saskatoon > Blog > 2019 > August

YXE Benefits Shares 2019 Buck Survey Indicating That Drug Claims Are Expected to Rise

YXE Benefits offers the simple, stable, smart group benefits choice for Saskatoon businesses; combining accessibility, flexibility and the stability of pooled benefits. Saskatoon companies choose the Chambers group plan because it offers unsurpassed value & outstanding customer service. The Chambers plan group benefits are for Saskatoon Chamber members. In our latest post, we share the information from the recent Drug Claims Expected to Rise in 2019 Survey.

Prescription Drug Costs represent the majority of private Health Spend

Benefit plan sponsors can expect to see a three to five per cent increase in prescription drug claims in 2019, according to Buck’s annual Canadian health-care trend survey.

However, the survey noted, since insurance providers also add a market inflation factor, the projected increase is actually 10.99 per cent, down from 12.45 per cent in 2018. Based on 2018 claims trends, the survey found prescription drug costs represent the majority of private payer health spend and have the greatest influence on employer benefits cost trends.

“Our survey shows that although actual drug claims remain relatively stable, insurers continue to project a faster rate of increase due to market inflation.” Buck Survey 2019

Dental Benefits usage also on the rise

It also found the use of dental services is on the rise, increased slightly over the past two years to 5.86 per cent in 2019. And while hospital inflation factors consistently reduced between 2015 and 2018, this trend reversed in 2019 with the insurer trend increasing to 10.03 per cent from 2.6 per cent in 2018. However, this cost represents a relatively small portion of plan spend.

“Insurance providers factor projected market inflation into the rate-setting calculation, and this has the potential to drive plan costs both higher and faster than the actual trend in health-care spending.”

Medical advances and other factors to influence health care costs

The survey noted medical advances, demographic trends and regulatory oversight will influence health-care costs over the next few years, so employers should consider how their plans will evolve to ensure employees are healthy and productive while keeping costs under control.

“Medical, prescription drug and dental care coverage make up an important component of employees’ total compensation. To help contain costs, companies need to think creatively about how they can encourage a healthy lifestyle for employees and embrace medical advances in testing and treatment to achieve better health outcomes.”

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Importance of Critical Illness Insurance Explained by YXE Benefits Saskatoon

YXE Benefits offers the simple, stable, smart group benefits choice for Saskatoon businesses; combining accessibility, flexibility and the stability of pooled benefits. Saskatoon companies choose the Chambers group plan because it offers unsurpassed value & outstanding customer service. The Chambers plan group benefits are for Saskatoon Chamber members. In our latest post, we discuss the benefits of having Critical Illness Insurance.

Critical Illness Insurance Coverage Helps You Recover

A critical illness can strike at any time, and it can happen to anyone, regardless of their age or gender. Although the incidence of cancer, heart disease, and stroke are rising in Canada, the odds of surviving a critical illness are better than ever. Thanks to medical advances.

But surviving a health crisis can often involve a number of financial challenges for which you were unprepared. Long Term Disability payments can help replace lost wages, but not the additional costs associated with surviving a critical illness. Expenses like time off work, travel to and from treatments, home modifications or assistance at home are now added on top of your normal living expenses. That’s where Critical Illness Insurance comes in.

Ease the financial pressures associated with a life-threatening illness

Critical Illness insurance is designed to ease the financial pressures associated with a life-threatening illness by paying a tax-free lump sum if you become seriously ill. As a result, you can devote 100% of your energy to recovery, without worrying about how your illness has affected you financially.

The Chambers of Commerce Group Insurance Critical Illness benefit can pay a lump sum of up to $50,000 for employees or spouses facing an initial diagnosis of one of twenty-five serious conditions including cancer, heart attack, Parkinson’s Disease, Multiple Sclerosis, major burns, coma, speech loss, coronary bypass, stroke, kidney failure, paralysis, blindness and deafness. There are no restrictions for the money – it can be used however the member wishes.

Living with a critical illness can be a physically, emotionally, and financially trying period. The Chambers Plan Critical Illness benefit offers you simple, affordable protection, allowing you to concentrate on healing without worrying about your finances. So take a few moments to review your benefits plan, and make sure it’s offering the protection you deserve.