Things to watch in 2015

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As your group benefit specialist we pride ourselves on keeping on top of what is happening in the Group Life, Health and Investment marketplace in Canada.

One of the things we will be continuing to track is what the Ontario Government is proposing with the Ontario Registered Pension Plan (ORPP).  We will be involved in industry and business discussions on this topic and will inform you on how this may impact your business; as further details of this initiative are released.

We are also continuing to monitor the increasing trend of businesses moving from a standard group benefit plans to self-funded programs.  Types of these plan can include a defined health benefit cost plan (PHSP or HSA’s); or a a fully self-insured plan where the employer has greater control of the plan design; and potentially the costs.

Understanding the financial impact an employee benefits plan has on businesses we are always looking for ways to structure a more cost effective group benefits plan.  Some options can include, but are not limited to, Preferred Pharmacy agreements, Corporate Health and Wellness Plans and Employee & Family Assistance Programs. All of these programs have been proven to help reduce and control benefit costs.  Look for some educational sessions coming in 2015 which will highlight how these programs can increase your employee’s productivity and potentially reduce your costs.

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