Beneva explores the latest group insurance trends in the first edition of its health newsletter

Quebec City, October 9, 2024―In an effort to keep its group insurance clients better informed, Beneva launched its first health newsletter entitled Connecting the Dots. The purpose of this annual newsletter is to provide perspective and insight on matters related to group insurance plans.

“The health newsletter examines the latest health trends in order to better accompany our business partners, specifically brokers, benefit consulting firms and group plan sponsors, such as employers, associations and unions. Our hope is that this new tool enables them to make well-informed decisions for their plan members,” said Éric Trudel, Executive Vice-President and Leader – Group Insurance at Beneva.

Learn more about the health newsletter: Connecting the dots.

Highlights

The first edition examines the skyrocketing costs of prescription drugs, specifically, the increasing number of very high cost ones ($100,000 and more in benefits). This is mainly explained by innovative treatments and specialized medication. For example, Trikafta, groundbreaking prescription medicine used for the treatment of cystic fibrosis, can cost over $300,000 per patient per year.

Beneva is taking steps to strike a balance between these stark increases and their impact on plans:

  • A prior authorization drug program
  • Fraud prevention
  • Biosimilar substitution
  • Agreements with pharmaceuticals

Beneva also wants to use the newsletter to put a spotlight on the latest trends that its experts are monitoring. For example, the first edition covers:

  • The claims for obesity treatments have gone through the roof since Wegovy became available in Canada in May 2024.
  • The increase in mental healthcare professional consultations
  • The high cost of new migraine medication
  • The realization that adults are the main takers of ADHD medication
  • The growing divide between dental care price guides and purchasing power

“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,” said Éric Trudel, Executive Vice-President and Leader – Group Insurance, Beneva.

About Beneva

Created by the coming together of La Capitale and SSQ Insurance, Beneva is the largest insurance mutual in Canada with more than 3.5 million members and customers. Beneva employs over 5,500 dedicated employees: people looking out for people. Its human approach is rooted in mutualist values that are shared by its employees. With $25.2 billion in assets, Beneva positions itself as a major player in the insurance and financial services industry. Its head office is located in Quebec City.