The recent introduction of Canada’s pharmacare plan is a notable step towards enhancing medication accessibility for Canadians. However, it’s important to acknowledge that, at least for the present, the plan primarily targets two specific areas: contraception and diabetes medication. While this initiative is commendable, it doesn’t negate the importance of maintaining employee benefits coverage. Here’s why:

1. Limited Scope: The pharmacare plan’s current focus on contraception and diabetes medication means that it may not provide coverage for a comprehensive range of medications and treatments that individuals may require. Employee benefits coverage typically offers a broader spectrum of healthcare services, ensuring comprehensive coverage for various health needs beyond those addressed by the pharmacare plan.
2. Customization and Flexibility: Employee benefits packages can be tailored to meet the unique needs of your workforce. While the pharmacare plan offers coverage for specific medications, employee benefits allow for customization and flexibility, enabling employers to provide additional benefits that address the diverse healthcare needs of their employees and their families.
3. Supplementary Services: Employee benefits packages often include supplementary services such as dental, vision, and mental health coverage, which may not be included in the pharmacare plan. These additional services contribute to overall employee wellness and can help prevent health issues before they escalate.
4. Remaining Uncertainty: There are still many open questions regarding how this program will eventually be implemented. In particular, it remains unclear who will be the first payer in a situation where an individual has their own private coverage. If you already have prescription drug coverage, through an employee benefits plan or otherwise, you may have to max out that coverage before you are eligible to make use of the government program.
5. Private Insurance is Here to Stay: While the pharmacare plan addresses certain medication needs, private insurance remains valuable for many Canadians due to its additional benefits, flexibility, and peace of mind. Employee benefits coverage offers an added layer of protection and support for employees and their families beyond what the government plan currently provides. Particularly when it comes to large unforeseen expenses such as; the purchase of medical equipment, emergency travel claims, or expensive prescription drugs outside of the scope of this very limited program.

In conclusion, while the introduction of the pharmacare plan could potentially be of great assistance to underinsured individuals, its current focus on contraception and diabetes medication underscores the ongoing importance of maintaining employee benefits coverage to ensure comprehensive healthcare protection for employees and their families. It is also worth noting that the timeline of implementation remains uncertain. If you have any questions about this program or any other benefit related matters, please feel free to request a call with a Norbram advisor.