Talking About Financial Matters That Affect You and Your Organization
Having an Open and Unlimited Benefit Program
Jan 4th, 2018
Most benefit programs have an open formulary and many offer unlimited drug coverage for any drug that legally requires a prescription. Open and unlimited are the key words here. Not only is there no maximum to cost, there is also no control over the introduction of new medications, cognitive fees or governmental legislative de-listings.
Implication: With an open benefit formulary, employers...Read More
Employee Benefit Audits are a Helpful Step to Control and Demonstrate Exposure
Sep 5th, 2017
While most employers are looking only at bottom line cost and keeping their overall rates in check, more often than not, they are missing the true drivers of benefit cost increases. As the City of Toronto's Auditor General's Report points out, the true driver of cost are the claims that sneak through the system.
A common scenario: Its'...Read More
Preventing Human Resources Catastrophies
Mar 30th, 2017
Human resources policies and procedures encompass many different areas of your business and will be discussed as they relate to benefits in several coming posts. For now, let's look at two common areas where a lack of HR procedures can have a detrimental effect on the program, on-boarding and off-boarding.
On-boarding - In terms of a benefit program, when on-boarding an employee, good HR...Read More