Beneva examines group insurance trends
Beneva examines group insurance trends | Insurance Business Canada
Life & Health
Beneva examines group insurance trends
Takeaways featured in inaugural health newsletter
Life & Health
By
Terry Gangcuangco
Beneva is shining a light on the current health trends in the market, including drug costs and usage, as part of its service to group insurance clients.
In its inaugural health newsletter, “Connecting the Dots,” the insurance mutual offered insights into issues affecting group insurance plans to support decision-making for plan administrators. Topics covered include rising prescription drug costs, particularly the growing number of extremely high-cost medications, some exceeding $100,000 annually in benefits.
The surge in costs was largely attributed to advancements in specialized and innovative treatments. One such example highlighted is Trikafta, a cystic fibrosis treatment that can exceed $300,000 per patient annually.
To address the cost implications, Beneva is implementing several strategies aimed at “striking the balance” between costs and needs. These include prior authorization, measures to prevent insurance fraud, encouraging biosimilar drug substitutions, and partnerships with pharmaceutical companies.
Meanwhile Beneva’s new resource also sheds light on emerging trends that the insurer’s experts are closely monitoring, such as the significant spike in claims for obesity treatments following the introduction of Wegovy in Canada; the rise in consultations with mental health professionals; the escalating costs of new migraine treatments; and the unexpected trend of adult use of ADHD medications.
“Our hope is that this new tool enables [relevant stakeholders] to make well-informed decisions for their plan members,” said Éric Trudel (pictured), executive vice president and group insurance leader at Beneva. “As an insurance mutual, Beneva’s role is to provide attractive coverage to plan members without compromising the quality of their plan.
“Since we put people first, our mission is to improve and maintain the well-being of all Canadians through prevention initiatives and other methods. The sound cost management of prescription drugs is essential for achieving this and ensuring the sustainability of our group insurance plans.”
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