Business and Financial News

As Canada is now facing an aging population, insurance companies are now focusing on preventative rather than reactive measures when it comes to potential health issues. Insurers are now building comprehensive databases of health information for the clients that they insure. These databases contain the details of health issues that can range from drugs that are prescribed, chiropractic visits, etc. This information will be used for the purposes of being able to more accurately predict those who may be at risk of having and/or developing major health issues, i.e. chronic diseases.

By focusing on preventative measures, insurers hope to be able to effectively intervene before the health problem becomes severe, which usually also means more expensive, in order to help the individual take action to either manage and/or prevent the health condition from becoming worse. Not only is this strategy beneficial to the person, but also to the insurance company by keeping costs lower. Some insurers are also planning to take even more immediate action; Manulife Financial is implementing a new program that will benefit providers by setting up a workplace clinic which will be able to provide employees with the resources to test such health concerns as cholesterol levels, blood pressure rates and body mass levels.

One of the issues that insurers are hoping to accomplish is to quantify the value of good health by attaching a dollar value to activities that promote a healthy lifestyle. By using this strategy, insurers hope to be able to convince employers to establish wellness programs for their employees that would ultimately result in the cost of employee benefits being reduced. This would ultimately save money for not only the insurers, but for the business, and of course the employees benefit from being able to access services that improve their health.

With new medical breakthroughs and treatments, Canadians now have a longer lifespan. However, living longer does not necessarily mean that this population is living a healthy lifestyle. Medical costs tend to rise for people as they age; they also tend to be more expensive for health conditions that are more advanced. Healthy living as well as early detection practices are beneficial not only for the individual, but for those who cover these expenses.

As life and health insurance rates are based in part by health status, premiums are lower for those who are healthy. Consult with your employer about ways to promote health in the workplace, and ways to encourage these practices.

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