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Why do I see an increase in my benefits plan costs year on year?

Posted Oct 4th, 2016 in Employer FAQs

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).

But, beware!

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.

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¹ Canadian Health Care Trend Survey Results 2016 by Xerox
² “Benefits costs to trend even higher in 2017”, Benefits Canada, January 2017.

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