Our Top Takeaways for Small Business from the 2018 Sanofi Canada Survey
Once per year, us benefit consultants are excited to receive the news from the Sanofi Canada Benefits Survey! We love it because it gives us the crucial information we need to make better informed decisions for our clients.
Now understandably, a small business owner like you might not have the time to go through the 36-page report, so instead, we’ve distilled some of the critical information down to one handy blog post that you can read now.
Here’ are some takeaways to help you change your benefit plan for the better in 2018:
Drug Spending is the Top Claimed Benefit Across the Board
Of those surveyed, 85% of people will claim prescription drugs on their plan. This means offering drug coverage is a valuable offering.
With medical marijuana coming into the picture very soon, plan sponsors should consider policies. Almost two-thirds of plan members expect employers to pay for medical marijuana, while plan sponsors think differently. One-third of sponsors believe they shouldn’t, one-third believes they should, and one-third is undecided.
31% of Small Business Owners (Under 50 Employees) Don’t Review Their Plan Spending
Almost one-third of plan sponsors don’t review their plans to understand where claims are coming in, the money being spent on claims, employees satisfaction as well as absenteeism data. All of this can be crucial in changing plans and saving money, so if you’re in that one-third consider sitting down with us to review your plan.
Feeling Good Financially = Feeling Good in General
The survey found only 26% of those in poor financial health rate their physical health and wellness as positive. Also, those in poor financial health are also more likely to submit drug claims and other paramedical expenses. This suggests helping employees with financial help or coaching may improve the overall health of your office and save money on benefits claims.
Those With Wellness Programs Rate Their Benefits Higher
Year over year, businesses with wellness programs consistently get higher marks from plan members on their overall benefit plans and employee satisfaction.
However, Wellness Programs Are at a Standstill
Despite the positive benefits of having a wellness program for employee satisfaction, businesses aren’t implementing plans. Among plan members, 71% of people say their work encourages a self-described “wellness culture.” This number is 79% among plan sponsors. Of course those numbers jump higher when their workplace has a wellness program.
If you want more satisfaction among benefits, invest in a wellness program. Satisfaction among benefits will end up saving money and turnover among employees.
Get an Advisor
Navigating these statistics is an ongoing process and requires consistent check-ins! One of the big benefits of a benefits advisor is consistent check-ins and saving time on these time consuming processes. Feel free to consult us and we can walk through how to update your benefit plan for 2018 today!