Medical Confidence Featured in CLHIA Spark Newsletter
Canadian employers’ and individual plan members’ concerns over the rising costs of health benefits and disability insurance are well justified. In 2016, Canadian companies spent $7.5 billion for long-term disability (LTD) coverage, the third largest cost to a benefits plan after health and dental.
Wellness and employee assistance programs have traditionally been the go-to answer to help manage these costs yet employers and individual plan members continue to experience rising LTD costs; in 2018, for instance, some carriers experienced premium increases of 4 per cent. This is because programs focused on addressing personal and emotional issues do not effectively address the needs of employees struggling with serious physical and mental ailments.