Over the past several years Canadians have experienced an increase in the availability of specialty prescription drugs. Although pharmaceutical drugs provide relief for many people, they come at a significant cost both to private and public health insurance plans.
As you can see from the graphic below there has been a substantial increase in the proportion of total cost that is being allocated as a percentage to specialty drugs in Canada.
It is important both to protect your family from the potential cost associated with the treatment of sickness, illness, or accident, and to protect your business from the potential liability of such transactions.
How to protect plan members: be sure to buy an insurance plan without prescription drug maximums, implement the right drug formulary for your province, always keep insurance in place.
How to protect plan sponsors: make sure all employees are insured on a real health insurance plan and not an Health Spending Account, negotiate a reasonable stop loss amount on excessive claims, hire the right advisor to negotiate the proper contractual stipulations.