COVID Effects Modifications to Benefits
by Thomas Hanes on Nov 17, 2021
COVID-19 has meant notable changes for businesses across the globe, forcing employers and employees to make tough judgment calls concerning benefits.
The International Foundation of Employee Benefit Plans report ("Impact of COVID-19 on Pensions and Benefits in Canada: Spring 2021 Update") found that employers who offered employee & family assistance plans have seen a 61 percent increase in the utilization of aids to their plans as a result of the pandemic.
On average, the rate of these services before the COVID was 9 percent, which has increased to 15 percent since.
Those with prescription drug benefits of about one-in-five (18 percent) have been able to extend their time allowed under prior authorization periods and were closely trailed by temporarily waiving premiums for some or all plan members (17 percent).
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At TLH Benefits Advisors, we continue to guarantee ease of doing business with the same excellence and service levels. All applications and no-obligation quotes can be completed over the phone from the comfort and convenience of your own home. We are open and can be reached should you have any questions.
We thank you for placing your trust in TLH Benefits Advisors. We are continuously working to meet your coverage needs.
This Covid-19 Communication is not intended to be a part of any existing or future acquired insurance policy; it has been provided for information purposes only.