Historic number of Canadians receive health benefits
Posted by Medavie Blue Cross on November 7, 2022
Historic number of Canadians receive health benefits
Posted by Medavie Blue Cross on November 7, 2022
Three in four Canadians have access to health insurance, and in 2021 they received more benefits than ever to support their physical, mental and financial wellbeing.
Canada’s life and health insurers, including Medavie Blue Cross, paid out a record $113 billion in life and health insurance benefits – up 17% from 2020 and nearly $10 billion above pre-pandemic levels — the latest Canadian Life & Health Insurance Facts shows. This amount includes payments for health insurance claims, life insurance and retirement.
The findings highlight the role insurers have played in helping Canadian workplaces recover from the pandemic and in helping working Canadians build their resilience.
The latest Canadian Life & Health Insurance Facts reports that health insurers:
- Provided coverage for over 29 million Canadians — or 76% of the population
- Paid a record $40.8 billion in total health claims, including prescription drugs and dental — up 11% from 2020
- Processed nearly $600 million in claims related to mental health — up 75% since 2019
- Paid out $58 billion in annuities to retirees — up 26% from the previous year
- Employed 166,000 Canadians — up more than 5,000 from 2020
- Provided insurance products to nearly 100 million people worldwide
Two-thirds of total insurance products, and 90% of health benefits, were sold as part of group benefit plans.
Surveys of working Canadians show that most would leave their employers for better benefits, especially packages that are offering greater mental health support. The Canadian Life & Health Insurance Facts highlight the need for employers to enhance their value proposition with benefits that meet the evolving needs of today’s workforce — and to retain and recruit top talent.
The report is an annual publication of the Canadian Life and Health Insurance Association (CLHIA), whose member companies, including Medavie Blue Cross, account for 99% of Canada's life and health insurance business. These insurers provide financial security products, including life insurance, annuities (including RRSPs, RRIFs and pensions) and supplementary health insurance to over 29 million Canadians.
They hold over $1 trillion in assets in Canada and employ more than 166,000 Canadians.
Medavie Blue Cross is a premier all-in-one carrier that provides health, dental, travel, life and disability benefits and administers federal and provincial government-sponsored health programs. Together with Medavie Health Services, we are part of Medavie, a health solutions partner committed to improving the wellbeing of Canadians. We are in the...