NEWS UPDATE
FEDERAL POLITICIANS & DRUGS
Dr. Philpott - Formerly Minister of Health - Now Minister of Indigenous Services
FEDERAL POLITICIANS & DRUGS
Ms. Petitpas Taylor - The new Minister of Health
THE PROMISE
Philpott vows to bring down ‘unacceptably high’ drug costs -
May 16, 2017 Globe & Mail
THE PROMISE Canadians are paying too much for prescription drugs, and the Government of Canada is committed to making drugs more affordable. Modernizing our approach to the regulation of patented drug prices is a big step in this direction, and will complement the work we are already doing with the provinces and territories through the panCanadian Pharmaceutical Alliance to make prescription drugs cheaper. These measures will go a long way towards helping Canadians afford the medicines they need to live healthy, productive lives. -
The Honourable Jane Philpott, Minister of HealthHealth Canada
PATENT MEDICINES PRICES REVIEW BOARD
TIME TO RENOVATE
PROVINCIAL POLITICIANS & DRUGS
THE NDP ESSENTIAL 125
A first-ever provincial Pharmacare plan would be in place by 2020 and initially cover 125 “essential� drugs, the Ontario NDP said Monday in releasing more details on its election platform. Monday, April 24, 2017
THE LIBERAL OHIP+
- Free Prescription Medications for Children and Youth Through OHIP+ - Ontario to Provide the First Universal Drug Program of its Kind in Canada in 2018 April 28, 2017 9:50 A.M. - Office of the Premier
THE PC “RESOLUTIONS”
“simplify and merge SIX existing provincial drug plans to make it easier for those without coverage to apply and to improve access to more innovative drugs that treat cancer and rare diseases “
“improve drug coverage for Ontarians by working with existing private sector drug plans to cover more people who are not covered without transferring to taxpayers the costs for those already covered by employer plans “ https://convention.ontariopc.ca/recommended_policy_resolutions
INVESTING IN PREVENTION
10% of workers already have OA
7 out of 10 OA patients report presenteeism
1 of 10 OA patients report absenteeism
REMEMBER THIS
1 in 5 Canadians experience a mental health or addiction problem
By1age 1 in 2 in 540, Canadians Canadians or experiencehave a mental have hadora addiction mental health illness problem
70% of mental health problems have their onset during childhood or adolescence
1 in 5 Canadians GET YOUR aEFAP experience mental health or addiction WORKING! problem
FINANCIAL WELLNESS
Financial Well-being A state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and is able to make choices that allow them to enjoy life. -
Consumer Financial Protection Bureau
FINANCIAL WELLNESS Consider the following statistics
The ratio of debt to disposable income in Canada is higher than in any other G7 country.1
Less than half of Canadians maintain a household budget. 2
Only 40 percent of Canadians feel knowledgeable about their finances. 2
48% of Canadians would not be able to make ends meet if they missed just one paycheque 3
1) 2) 3)
Statistics Canada, Current and Capital Accounts Statistics Canada, Canadian Financial Capabilities Survey Canadian Payroll Association
CHALLENGES Different Generations = Different Challenges
Baby Boomer
Gen X
Millennials
Living longer
Supporting children
Housing costs skyrocketing
Supporting elderly parents
Behind on retirement savings
Carrying student debt
High debt levels
Earning 20% less than Gen X and Boomers did*
Increasing occurrence of health issues
*US Federal Reserve
FINANCIAL WELLNESS Why should we care: 42% of employees are distracted at work due to financial worries* Related health issues: • Losing sleep • Higher blood pressure • 11x more likely to report back pain
• More prone to anti-depressant use** *Manulife/Ipso Reid Health and Wellness Study **Sun Life Study
FINANCIAL WELLNESS
Why should we care?
68% of employees believe their employer has a role to play in their financial health* *Sun Life Study **Manulife/Ipso Reid Health and Wellness Study
Cost is high
16% less productive at work*
Sick time is 25% higher**
FINANCIAL WELLNESS
Does your wellness program incorporate financial wellness?
Do your employees experience health issues related to financial wellness?
Do you know the current state of your employees’ financial knowledge?
FINANCIAL LITERACY How organizations can help Cowan Financial Literacy Index Provides a baseline of employees’ financial literacy
Data helps to: • Design plan and investment line-up offerings • Develop comprehensive communication strategies • Targeted educational programs
SAMPLE POP QUIZ
Question #1 What can affect the amount of interest that you would pay on a loan?
• • • • •
A: Your credit rating B: How much you borrow C: How long you take to repay the loan D: All of the above E: Don’t know
SAMPLE POP QUIZ Question #2 The fees paid to manage and operate the funds you invest in under your group retirement program at work – compared to mutual funds through your bank – are generally: A: Higher B: The same C: Lower D: There are no fees associated with mutual funds through my bank • E: Don’t know • • • •
SAMPLE POP QUIZ
Question #3 If you had a rate of return of 1% over one year, but inflation grew at 2% during the same period, the purchasing power of the money in your account would be: • • • •
A: More B: Less C: Same D: Don’t know
ADVANTAGES OF SUPPORTING FINANCIAL WELLNESS PROGRAMS Studies have shown that employers who support and provide financial wellness programs for employees realized the following positive results:
43% Increase in engagement & morale
Alliant Survey of Senior HR Decision Makers, January 2015
40%
23%
Improvement in productivity
Reduction in absenteeism
TOP 10 MYTHS
TOP 10 MYTHS
1. I’m too young to worry about saving for retirement.
TOP 10 MYTHS
2. I don’t have any money right now so can’t start saving or planning for retirement.
TOP 10 MYTHS
3. I’m expecting to get a lot of inheritance money when my parents pass away.
TOP 10 MYTHS
4. I can’t afford a financial plan.
TOP 10 MYTHS
5. My investments at the bank are free.
TOP 10 MYTHS
6. My finances are simply and I can handle them on my own – only rich people need financial planners.
TOP 10 MYTHS
7. I don’t need to worry about saving for retirement because I’m going to die young.
TOP 10 MYTHS
8.The government or my kids or my spouse will look after me in my retirement – my finances and healthcare.
TOP 10 MYTHS
9. I’ll change my spending habits in retirement and live in the same place I live now.
TOP 10 MYTHS
10. If something happens to me, my family will know what my wishes are.
INFORMATION & CYBER SECURITY
In order to safeguard sensitive information, we need to store and transmit information in specific ways to protect its Confidentiality, Integrity, and Availability. Loss of information can lead to: • Significant financial costs • Damage of reputation and public trust • Fines or sanctions for regulatory non-compliance • Loss of business/competitive edge • Loss of productivity
INFORMATION & CYBER SECURITY
Risks What to watch out for and understand
ENGAGE IN THE CONVERSATION
Social Engineering The clever manipulation of our human tendency to trust! Includes: • Phishing • Spear Phishing • Pharming • Watering Holes
ENGAGE IN THE CONVERSATION
Phishing/Spear Phishing It’s all about tricking people into giving out their passwords or sensitive information. Don’t take the bait!
ENGAGE IN THE CONVERSATION
Watering Hole
Where danger is just a click away
ENGAGE IN THE CONVERSATION
Ransomware Your money… or your data.
THE BIGGEST RISK?
Your People—
INFORMATION & CYBER SECURITY
Solutions —Identifying a Few Quick Wins
Office Security
ENGAGE IN THE CONVERSATION
Office Security
ENGAGE IN THE CONVERSATION
I SHALL USE STRONG PASSWORDS!
We all say we do, but are we enforcing it?
You organization should establish and enforce a Password Policy or Standard. It should outline the complexity requirements, frequency of updates, etc.
USB MEMORY STICKS ARE
Dangerous! 1. They are easy to lose and therefore information stored on them is easily lost 2. They can be a source of viruses and malware
Stay Safe: 1. Stop using them—particularly branded ones 2. Sensitive data should NEVER be stored on a USB stick 3. If you must, use new encrypted USB’s with lock codes
INFORMATION & CYBER SECURITY
at Cowan Insurance Group
EMAIL SPAM AND VIRUSES
Not a matter of if, but when… Every day: • Across PHL we receive approximately 25,000 emails • Of those emails, 10,000 (40%) are prevented from advancing to the recipient by our spam filters • Our firewalls detect and prevent 500 malware or intrusion
attempts • Our antivirus software detects and prevents 5 viruses or pieces of malware that make it through the firewalls and reach our employee’s desktops
COWAN INSURANCE GROUP
Our Journey Tone at the Top Creating the Culture
Training & Awareness Becomes a Transformational Layer
Ownership & Leadership Support
Cross Company / Functional Team
- Toolkit - Online Training - Audit of Sensitive Information
It’s not an IT Project…
GET STARTED—KEEP GOING
Your Journey
Risk Assessment
1. What information do you have? • What information do you receive? • How is sensitive company, employee, or client info being handled? 2. Does anyone want to do harm? 3. Who are your Vendors / Suppliers • What are their security practices; their requirements?
GET STARTED—KEEP GOING
Your Journey
Risk Assessment
4. Does your industry have Regulatory concerns? 5. Privacy Commission (Federal & Provincial) 6. Insurance Coverage • Do you have and understand your coverage—particularly Cyber Risk Insurance? • Often provides for expertise, resources, and an additional knowledge centre
CONCLUSION
Security Vigilance Resilience
THE TAKE AWAYS
WHAT WE ALREADY KNOW
WHAT WE ALREADY KNOW
WHAT HAVE WE DONE TODAY
- Absence management - An understanding of duty to accommodate - Policies
FACTORS THAT INFLUENCE ABSENTEEISM
Actual physical or mental illness.
An unhealthy lifestyle.
The need to care for family members.
Personal emotional issues.
Problems in the workplace, causing avoidance or stressrelated illness.
Lack of understanding of sick leave policies.
Low job satisfaction and disengagement, often resulting from a low level of control over work or decision-making.
Low quality of life in economic, social, and physical terms.
A lack of appreciation that work brings obligations as well as rewards.
STAY AT WORK VERSUS MEDICAL LEAVE
PROACTIVE…WHAT?
Primary
Secondary
Tertiary
•Reduce risk of psychological injury, enhance individual capacity for managing risks, and promote health
•Recognize and address potential difficulties in a timely manner
•Provide information and access to optimal treatment of mental health conditions to reduce disability and support Stay At Work/ Return to Work
HOW TO APPLY PROACTIVITY
Case by case reviews Manager training for areas of high absenteeism
Consistent application of policies Flexibility, work form home, make up hours Wellness promotions Fairness and consistency
BENEFITS PHILOSOPHY
purpose of employee benefits corporate responsibility employee accountability alignment to corporate culture, vision & mission
desired outcomes
INTERACTIVE DIGITAL COACH
client engagement platform
using advanced analytics providing an array of helpful ideas at key life moments empowering Clients to understand their needs and options, and to take action
INTERACTIVE DIGITAL COACH
FINDING FRAUD
Many headlines Client suing carrier What are you doing?
A PLAN FOR PRESCRIPTION DRUGS
pharmacogenetics SMART PPN PLA reformulary OHIP+
A PLAN FOR PRESCRIPTION DRUGS
WHO’S “WYNNING?”
minimum wage issue OHIP+
legalizing marijuana
WHO’S “WYNNING?”
Increased coverage Normalizing. Finally.
Financial wellness Holistic