{"id":223,"date":"2016-08-23T10:26:21","date_gmt":"2016-08-23T17:26:21","guid":{"rendered":"https:\/\/mgfadvisory.ca\/news\/?p=223"},"modified":"2018-08-23T10:27:17","modified_gmt":"2018-08-23T17:27:17","slug":"how-can-you-control-the-costs-of-your-group-benefits-policy","status":"publish","type":"post","link":"https:\/\/mgfadvisory.ca\/news\/2016\/08\/23\/how-can-you-control-the-costs-of-your-group-benefits-policy\/","title":{"rendered":"How Can You Control the Costs of Your Group Benefits Policy?"},"content":{"rendered":"
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\"groupA big part of my job is helping team leaders purchase group benefit policies for their employees. To illustrate some of that information, two weeks ago we dug deep into a study called The Prevention Plan, which is an interesting look into why group benefits carry the costs they carry.<\/p>\n

The study is a big help when I talk to employers and professionals about providing group benefit products. We wanted to understand the impact declining health in the workplace is having on the amount of money we\u2019re contributing to insurance policies in Canada.<\/p>\n

The money quote?<\/span><\/p>\n

According to The Prevention Plan, \u201caverage premiums for family health insurance coverage have increased 131% since 1999.\u201d<\/span><\/p>\n

We\u2019re faced with a challenge. Who\u2019s up for it? How do we do it?<\/span><\/p>\n

Where Does Wellness in the Workplace Begin?<\/b><\/span><\/h3>\n

\u201cSince they first started providing employee benefit plans, employers have played a significant role in the health of their employees.\u201d<\/span><\/p>\n

That\u2019s Greg Caines, a partner with the firm Morneau Shepell.<\/a><\/span><\/p>\n

For Caines, the answer is simple: employers can lower the cost of their health benefit plans by increasing engagement, resiliency, and ultimately, ownership of personal health and wellness.<\/span><\/p>\n

That doesn\u2019t mean providing onsite yoga classes for employees who are already healthy will solve the problem, but it\u2019s one method that signals the motivation to provide people with the opportunity to take care of themselves first and foremost.<\/span><\/p>\n

Happiness counts for a lot these days. When you\u2019re content in your job, you\u2019re motivated to solve problems and your mental wellness is engaged. Another way to describe this condition?<\/span><\/p>\n

Engagement.<\/span><\/p>\n

Corporate Support When Required<\/b><\/span><\/h3>\n

We work with a lot people on their employee health benefits. Providing insurance for employees in the areas of dentistry, optometry, and other options that exist within a family\u2019s required set of needs is a crucial component of operating a healthy company.<\/span><\/p>\n

Healthy in this sense refers to financial health as well as physical health.<\/span><\/p>\n

However, we understand that the best way to keep your company thriving is to have everyone on board. When people take time off work, it costs your company time, money, and productivity. Things happen, people get ill, but that doesn\u2019t mean we should neglect our ability to improve employee health through dialogue, innovation, and an overall encouraging culture of wellness.<\/span><\/p>\n

The Results<\/b><\/span><\/h3>\n

Let\u2019s go back to the results of\u00a0The Prevention Plan Study<\/span><\/a>.<\/span><\/p>\n

It\u2019s authors, doctors Ronald Loeppke, Dee W. Edington, and Sami B\u00e9g\u00a0\u00a0<\/span>had a knack for clever headlines. They suitably named their primary method of testing as The Intervention.<\/span><\/p>\n

Because truth be told, the average Canadian employee needs an intervention, and it\u2019s the progressive business leader who holds the power to stage such an intervention. Participation in this particular study was voluntary with its participating companies, which is a damning fact on its own, but also confirms that true commitment to health and wellness begins at the individual level.<\/span><\/p>\n

Well, there\u2019s nothing like the impact on your budget to stir you into action, even if the benefits of physical wellness won\u2019t.\u00a0<\/span><\/p>\n

With that in mind, the results:<\/span><\/p>\n

\u201cThe study demonstrates that The Prevention Plan\u2122 reduces key employee health risk factors and effectively moves employees to lower overall health risk categories.\u201d<\/span><\/p>\n

\u201cReducing health risks is a critical goal for employers because it has been shown to reduce health care costs and improve productivity in the workplace.\u201d<\/span><\/p>\n

Source<\/a><\/span><\/p>\n

As the study itself notes, the only surefire way to produce \u201clarge-scale, population based changes in health behaviours\u201d is to make gradual contributions to the system. From government policies to employee-driven initiatives to management-implemented directive, we have the power to improve our health while simultaneously reducing the cost when we do require the benefits of health care.<\/span><\/p>\n

It all starts with you.<\/span><\/p>\n

When a professional culture embraces the responsibility for employee health from top to bottom, the benefits are fewer significant medical claims and therefore fewer group benefit cost increases.<\/span><\/p>\n

Are you a team leader looking to provide your group with a specific health care plan?<\/span><\/p>\n

Let\u2019s talk.<\/a><\/span><\/p>\n

<\/div>\n<\/div>\n
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