Manulife (TSX:MFC) (NYSE:MFC) released new insights on Thursday determining that young Canadian workers are going on sick leave for mental illness more often, and there has been an increase in patients seeking treatment for diabetes.
The key findings include the number of young Canadians (aged 18-34) on long-term disability for mental illness has increased 22 per cent since 2019. Also, the number of young Canadians submitting mental health claims has increased 27 per cent since 2021. Additionally, Canadians under 44 make up 19 per cent of workers who have submitted diabetes claims in 2022, which is up from 13 per cent in 2019.
Manulife has gleaned insights from millions of claims each year. The company uses these to help organizations identify, track, and manage health issues Canadians face every year. The company provides health insight information on an aggregate basis to help employers configure their benefits and wellness programs to meet the specific requirements of their employees.
Manulife aggregate data uncovers trends
“We’re seeing concerning trends among young Canadians, particularly in cases of mental illness and diabetes. To help employers, we’re giving them new insights into their benefit plans, so they have better data to design their future employee health programs. Companies can use these insights to ensure their benefits are structured adequately to support employees’ increasing needs,” said Ashesh Desai, head of group benefits for Manulife Canada.
Manulife Financial Corporation is a financial services provider based out of Toronto, Canada. It provides financial advice and insurance, operating as Manulife across Canada, Asia and Europe, and primarily as John Hancock in the United States.
“Employers play a significant role in the wellness of their workforces and it’s more important than ever they be aware of emerging health trends. We’ve developed an innovative program that gives employers insights into key health trends, so they can deliver the right wellness support, at the right time, in the right way,” said Michael Lanteigne, VP Life & Disability, Manulife Group Benefits.
The program is currently available to select Manulife Group Benefits clients and will be rolled out to other large companies in 2023.