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‘A pandemic after the pandemic’: Insurers brace for disability claims ‘deluge’ from mental, physical strain of crisis

Depressed Woman | Mental Health Issues

Canadian employers got a break on their benefits plan costs last year as employees largely stayed home and avoided in-person health practitioners.

But experts say the full cost of COVID-19 may only start to show up in the coming year, as mental health challenges, pandemic-delayed treatment for various illnesses and the virus itself could prompt more employees to claim or extend short- or long-term disability.

Private insurers saved an estimated $4.8 billion in health practitioner claims from just the period between March 15 and June 15, 2020, due to stay-at-home orders, insurance comparison platform Hellosafe.ca said in a September 2020 report. Private health insurance payouts dropped 71 percent from 2019 levels as Canadians avoided providers covered by their benefits.

Continue to read the full article on the Financial Post website here.

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