The Benefits of Integrating Pharmacogenetics into the workplace

Faced with steadily increasing prescription drug and group insurance costs, many businesses are turning to various medical innovations in order to identify solutions that will help reduce the bill.

Pharmacogenetics is one of the most promising avenues, as it allows for the individualized treatment of patients based on their genetic make-up. Are you aware of the benefits of integrating pharmacogenetics into the workplace? Let’s get into specifics.

Read More Posted by Antoine Begin, LL.B., MBA on Dec 5, 2018 6:32:00 AM

The QDIPC Insurance Pooling terms and Conditions for 2019

The Quebec Drug Insurance Pooling Corporation (QDIPC) is a non-profit organization providing a pooling system for major claims. The pooling system administered by QDIPC is the sole risk-sharing framework implemented in accordance with the Act Respecting Prescription Drug Insurance and recognized by the Quebec government for this purpose. The system covers close to 30,000 insurance contracts representing more than 1 million insured certificates.

Read More Posted by Martin Papillon, FSA, FCIA, MBA on Nov 21, 2018 6:31:00 AM

A Unique Approach to Managing Prescription Drug Costs!

For the past several years, prescription drug cost increases have been ranging from 4% to 8% annually. If you provide a group insurance plan to your employees, you most certainly have noticed this trend. An aging population, the development of complex medications for rarer diseases, increased prevalence of chronic illnesses and disengagement of public plans are some of the reasons behind this sharp rise in drug prices.

Read More Posted by Vincent Soucy, FCIA, FSA on Nov 7, 2018 6:46:00 AM

Pot Legalization: What are the Impacts on Group Insurance?

Since October 17, 2018,  cannabis is legal in Canada. The new legislation governs such things as the possession and use of recreational cannabis. In Quebec, the Société québécoise du cannabis (SQDC) was set up and is responsible for the sale of several types of cannabis products (flower, gel caps, joint, oil, etc.). Pot legalization is undoubtedly a major societal change! And change rarely comes alone.

In recent months, several insurers announced that it is now possible to add therapeutic cannabis to their group insurance plans! Pot coverage in my plan? Yes indeed! But what is this really about? With the legalization of pot, should you contemplate adding this coverage to your plan? This article provides additional information that will help you determine whether such a change is advisable.

Read More Posted by Vincent Soucy, FCIA, FSA on Oct 24, 2018 6:33:00 AM

Merger/Business Acquisition And Group Insurance

As group insurance advisors, we often guide clients through business merger or acquisition transactions. Group insurance is an underestimated element in the business acquisition process, but it deserves consideration both before and after the purchase.

The objective of due diligence is to assess the financial results and their contributing factors in order to determine the fairness of the acquisition price. You will find below the key aspects of group insurance that must be considered as part of due diligence and in view of preparing for the post-acquisition period.

Read More Posted by Alexandre Timothy, B.B.A. on Oct 10, 2018 6:41:00 AM

Medication Insurance Coverage: What Are Your Options?

Since the Public Prescription Drug Insurance Plan was implemented in 1997, the private group insurance plans must include certain minimum features in order to be as generous as the public plan. The list of insured drugs is one such feature. How is this list developed, what impact does it have on insurance plans, and how does it compare with other lists used by private plans? You will find detailed answers to these questions below.

Read More Posted by Louise Gagne, FICA, FSA on Sep 19, 2018 6:27:00 AM

5 Tips to Lower Your Dental Costs

When we want to buy a new product or get a new service, our first instinct is normally to shop around. We compare prices, features, service offerings, etc. Unfortunately, this shopping reflex seems to disappear in certain circumstances! Here are five tips on how to lower your dental costs without sacrificing your oral health!

Read More Posted by Daniel Dubuc on Sep 5, 2018 6:29:00 AM

TFSA Contribution: A Valuable Addition For Your Employees

As an employer, you probably offer a retirement plan to your employees in accordance with the law. Better still, you may be contributing to this plan in order to encourage them to save for their retirement. Did you know that a group TFSA is the perfect complement to your company retirement plan?

This little-known product offers many benefits to your employees and, most importantly, it will not cost you a penny! In this article, we will be discussing the benefits of a TFSA contribution and the reasons why you should implement one for your employees.

Read More Posted by Simon Pagé, ASA, ACIA on Aug 22, 2018 6:30:00 AM

Pharmacy Invoice: Learn to Interpret It!

As of September 15, 2017, pharmacies are required to provide a detailed pharmacy invoice for prescription drugs purchased in Quebec and included in the list of RAMQ covered drugs. This law was put in place to provide the consumer with detailed information on the price of prescription drugs. However, the nuances between the various fees included in the pharmacy invoice may seem quite complex.

To help you find your way around, we offer you, in this article, an overview of the main aspects to better understand the information provided on your pharmacy invoice.

Read More Posted by Louise Gagne, FICA, FSA on Jul 11, 2018 6:36:00 AM

Should You Reduce Salaries To Pay Group Insurance Premiums?

I recently read a document recommending that employers pay 100% of group insurance premiums. The author suggested that employers would find it financially profitable to reduce employee salaries and pay the full amount of premiums, instead of keeping salaries at their current level and share premium costs with employees, on a 50-50 basis for example.

Is this really the case? Does this approach truly generate lasting savings? Are there any tax-related risks involved? Here are some answers!

Read More Posted by Martin Papillon, FSA, FCIA, MBA on Jun 27, 2018 6:30:00 AM