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Are you prepared for skyrocketing health care costs? (2018 edition)

on Tue, 07/17/2018 - 20:06

**Updated with OHIP changes occurred in June 2018

68% of Canadian companies surveyed worry about healthcare costs for 2014, up from the 45% the year before, according to a survey Morneau Shepell done on compensation trends and projections (Morneau Shepell offers human resources consulting and outsourcing services). Even IBM, had to move retirees off its health plan in September 2013 due to rising costs, you can imagine how hard it is to small businesses.

 
The Ontario Superior Court of Justice has ruled GM Canada cannot cut retirees’ healthcare and life insurance benefits just about 2 months piror, after a group of retired white-collar workers launched a class action against the company's decision. 
 
Another research by a global risk management and human resource consulting company, Willis Towers Watson (formerly Towers Watson), stated that high-cost medications used to treat rare and complex conditions is the main cost companies monitoring closely. Although specialty drugs are used by less than 5% of employees, that cost actually make up 15% to 25% of the total drug spending. We all know healthcare costs will only go up, and yet, we fail to prepare for it.
 
Understanding what is covered under our provincial health plan is very important, as then, we know what kind of risk we are heading into. Some common benefits for seniors across the provinces as follows: 
(info from RetirementAdvisor.ca)
 
In 2018, the Ontario government had made two changes to the OHIP:
(info from Manulife Financial)
 
In general, individual health coverage provided by various companies consist of the followings. Need help in finding the best suitable coverage for you? Contact us today and start taking control on your medical expenses.

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