Dear Subscriber,
I'm sitting poolside in Zimbabwe Africa as I write this, overlooking Lake Karibe (the second largest manmade lake in the world). Along the shoreline, elephants, zebras, warthog, Kudu, black back antelope and impala graze as crocodiles prowl the shoreline. Nothing like I imagined.
We all have a sense of what things might be like, and then are surprised when facing the changing reality of the world. Be it over 60 years ago when the dam was built to create this lake...or the changes our industry is going through, we need to adjust our perspective from time to time in order to stay on top of our game.
I encourage everyone to travel when they can. Be it around the province, our great country, or the world. Keep your eyes open, learn from locals and take it all in, when and where you can. When it comes to benefits, try new suppliers, talk to other advisors, mentor or ask to be mentored and constantly change with our environment. We'll all be better for it.
Keep doing great things. Dave |
|
OUR EVENTS
This is a regular event sharing and discussing all things group benefits. A huge thanks to Jason Watt (he/him) CD CLU for making this possible.
Our latest episode features a conversation with Chris Gory on "Regulator Audits and what you need to know".
Watch our newsletter and website for upcoming episodes and details. ____________________________________________________________ CGIB COFFEE CHATS
Coffee chats are like a virtual breakfast. Log in, ask questions, share problems, seek solutions and talk about what's on your mind. Best done from a computer, with a camera and a microphone. No CE credits, but also no cost, just show up. Tuesday May 23rd @2pm (EST) Thursday June 8th @2pm (EST) Tuesday June 20th @2pm (EST)
CGIB Members may join the meeting at the time above by visiting... ____________________________________________________________ BREAKFAST MEETINGS CGIB supports the volunteers that runs the breakfast meetings below.
Please find the details for your closest location below. Ajax, Atlantic Canada, Cambridge, Edmonton, London, Markham, Oakville, St Catherines, Toronto, Vancouver, Vancouver Island, Windsor or the Virtual National Meeting
____________________________________________________________ Upcoming CGIB Events:
Mark Your Calendars, Book Your Spot, Invite Your Clients & Staff Ask for a discount code for staff, clients and/or associates. ____________________________________________________________
Sponsorships are now available for the November 8th Seminar.
|
|
GET ON SLACK
The CGIB SLACK channel is a great place to pose questions, share info and learn a ton from your fellow members. The info and discussions that are posted there are unlike anywhere in the industry with documents, videos and information available in MEMBERS ONLY to make your life easier.
NOTE TO ALL SLACK USERS: We now have 75+ channels in Slack to handle different topics. Please take a moment to add these channels to your menu. To do so, just click on the + next to Channels on the top left. Browse the channels and then click JOIN to add each of them. By doing so you won’t be missing really great info. |
|
SUGGESTED READING
We think the information contained below is of great value and encourage you to read the articles and check out the events that interest you. In most cases, these articles and events are not run by CGIB, so please contact the organizers for more information. We take no responsibility for the websites, events, organizations or their content. |
|
Suggested Reading:
____________________________________________________________
Thursday, April 27, 2023 Biosimilar Cost Saving Belief Challenged The belief that the most obvious benefit for plan sponsors in switching to biosimilars is cost savings is not at all true, says Dave Patriarche, founder of Mainstay Insurance. The savings only benefit the insurers with reduced stop-loss claims, but result in absolutely no savings for employers. While it is true that reduced claims to the stop-loss will help to reduce costs, the insurers do not make the information on the number of claims, trends, or costs incurred in their pools transparent to advisors or clients. If they did, partners could be chosen that provide coverage at a fair price. “Until we get some transparency in the stop-loss pools, I imagine this will continue to be one of the biggest sources of profit for insurers on small group insured plans,” he says.
Friday, April 28, 2023 Remote Work Injury Claim During Lunch Rejected A worker’s claim for a workplace injury in a remote work setting has been rejected by a Quebec tribunal. A BLG ‘Newsletter’ says the Administrative Labour Tribunal decision sets a favourable precedent for employers in terms of employment injury. In Allard and Promutuel Horizon Ouest, 2023 QCTAT 1027, a claim for an accident which took place on the courtyard steps of a worker’s residence in a remote work context was rejected because the fall occurred within the worker’s “personal” domain of activities. The worker was teleworking from her home. During her lunch break, she fell down the stairs outside of her residence, resulting in a sprained and fractured right ankle. The tribunal concluded that the fall occurred in the course of the worker’s personal activities and thus did not occur in the course of work. The claim for an employment injury was, therefore, denied as she did not meet the legal requirements for an industrial accident.
May 11, 2023 Early treatment cuts rheumatoid arthritis treatment costs Early rheumatoid arthritis diagnosis and ongoing care can result in cost savings. Research conducted by Arthritis Research Canada's scientists observed four main aspects of rheumatoid arthritis treatment ‒ access to rheumatology care, yearly follow-up, timely treatment, and ongoing treatment with anti-rheumatic drugs. The study was conducted over a five-year period in Ontario of 13,293 individuals over the age of 65 with rheumatoid arthritis. It examined healthcare utilization, average healthcare costs, and any extra costs resulting from the four main aspects observed. It showed over the five years that the average healthcare cost per individual increased annually. However, only 35% of participants were consistent with the four main aspects of rheumatoid arthritis treatment. Within this group, savings were driven by lower complex continuing care, home care, and long-term care costs, as well as fewer hospitalizations and emergency visits. Meanwhile, individuals with no access to rheumatology care experienced a 20% rise in healthcare costs. "This study showed that access to rheumatologists for rheumatoid arthritis diagnosis and early treatment are associated with lower total healthcare cost" says Dr. Claire Barber, research scientist at Arthritis Research Canada. "Investments in improving access to care may result in long-term health system savings." Rheumatoid arthritis is a chronic inflammatory disease associated with high economic burden to patients and health systems.
May 8, 2023 Does Ozempic belong on benefits plans? Employers who are running into the brand name drug Ozempic on their employee benefits plans may be wondering how it fits into a group benefits program, says Dan Eisner, an employee benefits advisor and vice-president at ZLC Financial. While much of the discussion around this relatively new drug is about rapid weight loss, Ozempic was developed primarily for people with Type 2 Diabetes. However, many individuals with diabetes on the drug also noticed weight loss. This has prompted some to take Ozempic for weight loss, even though they do not have diabetes. They are often paying out of their own pocket as most employee benefits plans in Canada do not cover this drug for anything other than diabetes. As well, the plans that are covering it when prescribed for diabetes are mostly developing pre-authorization criteria and processes to ensure that only diabetes is treated. Provincial drug plans also generally do not pay for coverage of this drug at this time, he says. Even for diabetics, Canadian insurers and provincial government plans require them to use the more cost-effective first-line therapy, Metformin, before ever being considered for Ozempic. Still, here are a few things that should be considered, he says. Some may be looking at this as a ‘lifestyle drug’ issue given that people might be using Ozempic as a shortcut for weight loss instead of first looking to diet and exercise. Part of these criticisms may be a result of obesity still not truly being recognized as a ‘disease’ in Canada. This means many would likely reconsider critiquing the use of drugs to help manage ‘diseases’ versus being used simply for “lifestyle” purposes. However, if Ozempic does, in fact, help achieve weight loss, would that not mean better health in general for employees, making it worth the cost. When overall long-term health is considered, in general, individuals with excess weight often have other health-related issues (co-morbidities such as hypertension, high cholesterol, diabetes, depression, etc.). The cost savings of those individuals coming off their existing medications in the long term would most certainly outweigh the cost of Ozempic. |
|
It can be difficult.
Explaining atoms or molecules, or decision making, or what you do at your job…
The reason that it’s difficult is that in order to explain something, we need to really understand it first.
Not simply be able to do the task or ace the test. But understand.
And the reason we avoid it is that we might not want to understand. We might not want to get past “because that’s the way it is” or “do what I say” to actually become comfortable with the underlying forces and axioms that make something work.
My Take on Seths Post
Put another way...Advisors need to REALLY understand benefits before they can teach clients. Clients need to understand benefits before they need to teach employees. Employees need to understand in order to explain to their families. Simple...but seldom done. |
|
EDUCATIONAL EVENTS
ONLINE CE CREDITS
Looking for benefits dedicated online CE courses? Want to provide your admin and support staff with basic knowledge? Want to dig into something more detailed for your benefits/insurance business? Business Career College (BCC) has an extensive catalogue of online CE courses with a number of group benefits specific courses covering topics ranging from contractual concerns, plan designs, and underwriting requirements, to product specifics and integration with government benefits. Courses consist of narrated videos with short, online quizzes. The full catalogue includes over 60 courses, podcasts, and videos covering topics from the world of insurance, investments, financial planning, taxation, and ethics with a focus on technical content and real-world application. Courses are accredited for the maximum categories of credits and can include provincial Life and A&S credits, FP Canada, Advocis, and more! Use code CGIB on registration for your first three months free! |
|
Fenchurch Long-Term Disability Webinar
Join us on May 19th from 11am - 12pm Eastern Standard Time as Fenchurch Insurance presents and discuss how there is more than just the traditional LTD coverage in the Canadian marketplace to better serve employers and the importance of disability management in supporting employees on claim.
Fenchurch General Insurance Company is first and foremost a disability insurance specialist. They offer the traditional disability products (including STD and STD – ATP) but also a couple of great unique product options.
The webinar will be followed by a Q & A session.
A Continued Education credit will be provided to brokers who attend this webinar. _____________________________________________________ Right To Disconnect Explored
CPBI Atlantic will provide a ‘Policy & Legal Update for Atlantic Employers: TO CONNECT OR TO DISCONNECT.’ The session will explore case law and legislation focused on mental health like the right to disconnect legislation and accommodation for mental health in the workplace. There will also be a policy update from the Canadian Dental Care Plan. It takes place May 30 in Halifax, NS.
______________________________________________________ Global Benefits Examined
Managing global benefits for a diverse workforce, the changing landscape of data privacy and cybersecurity, and developing mental health programs that meet the needs of a global workforce are among the sessions at the International Foundation of Employee Benefit Plans’ ‘2023 CONNECT Global Benefits Summit.’ It takes place June 5 to 7 in Boston, MA. Information is at _____________________________________________________ Canadian Benefits Examined
The International Foundation of Employee Benefit Plans’ ‘Annual Canadian Employee Benefits Conference’ will examine the latest tools, ideas, and strategies for making effective decisions on behalf of plan members. Featured sessions include ‘Decumulation in a Low-to-Rising (Inflationary) Interest Rate Environment,’ ‘Prescribing Wellness ‒ Integrating Healthy Habits Into Virtual Care,’ and the ‘Aging Workforce and Its Impact on Benefit Plans.’
It takes place September 10 to 13 in Montreal, QC. Information is at |
|
Need help? Have questions? Looking for something?
Reach out to CGIB - Dave Patriarche - dave@cgib.ca - 905-886-9203 |
|
|
