It is normal to see the cost of benefits plans rise yearly due to the current inflation rate of 11.81%¹ in the overall healthcare industry. Experts continue to expect higher cost increases for 2017².
Increases way below this trend or decreases in rates would mean a very favourable claims experience for the group or an insurer trying to loop in a new client with very low rates (called aggressive pricing).
If you are not seeing 'normal' increases, it may eventually result in a whopping rate increase a few years down the road.
This is another area where your Revolution Benefits experts will help you think long-term – so your benefits plan works for today and is sustainable for the future.
¹ Canadian Health Care Trend Survey Results 2016 by Xerox
² “Benefits costs to trend even higher in 2017”, Benefits Canada, January 2017.