Showing posts from September, 2017

4 Annual Benefit Review and Open Enrollment Mistakes to Avoid

Open enrollment time brings a number of challenges for employers as focus shifts to a full review of employee benefits. Picking the right prescription drug plan to meet employee needs while saving money can be complex. But that doesn't mean you should just leave this very important benefit plan status quo and call it quits. What you don’t know CAN hurt you, and by doing nothing you could be costing yourself more money in the long run. So this week, we're sharing 4 annual benefit review and open enrollment mistakes that are seen all too often by hurried and confused employers in hopes that you'll avoid making the same mistakes.

Mistake #1: Automatic Renewals
Studies have shown that 9 out of 10 employers stick to the same plan each year without even doing an actuarial savings analysis.  This alone can cause a major spike in drug costs for both you and the employee, as pricing is continuously changing, prescriptions drugs are added and removed from the approved drug lists (for…

Plan Ahead for Open Enrollment

Employers: It's that time of the year again. 2018 open enrollment typically starts around November 1, 2017 and runs through December 15, 2017. This is the time for employers to make any necessary changes to their current healthcare and prescription benefit plans for the upcoming year. Because of the substantial amount of time and effort involved in open enrollment season, there are a few things that employers should do to plan ahead and be prepared for the rapidly approaching enrollment period.

Time is of the Essence
Before open enrollment begins, it is essential for employers to begin reviewing their current medical and pharmacy benefits NOW. In fact, employers really should begin planning their open enrollment four to five months in advance. Depending on the size of your business, the number of employees your company has, and the depth of coverage that your current benefits offer, the auditing process can take some time, and leaving it until the last possible minute would not be …

Importance of Prescription Drug Plan Modeling for Self-Funded Employers

For self-funded employers, changing Pharmacy Benefit Managers (PBMs) is an incredibly tough decision because it's difficult to know how changes will impact the overall budget. However, sometimes making a PBM change is necessary to better manage costs, particularly when cost drivers could be reined in by adjusting which PBM is managing your benefit and how proactive ongoing clinical oversight actually is. And while trying to lower prescription drug costs, employers must also consider how plan design changes will affect their employees. The best solution to addressing the cost concern while still providing a quality benefits plan is to engage in plan modeling.

Provides a Preview of Potential Cost Saving Solutions
Prescription plan modeling makes it possible for employers to see how claims would have been paid differently with improved pricing, return of rebate revenue, with current plan designs in place, along with our Clinical Pharmacist’s plan design recommendations. This can be don…

Employers: You Have Options with Your Pharmacy Benefits!

Prescription drug spending growth is at historically high levels, which makes it tough to contain costs and maintain or improve quality of care for employees. Since pharmacy benefits are the most used benefit - 3 times more than your medical plan - it is logical that a clear understanding and focus on your prescription drug benefit is critical. For employers, there are several ways that you can ensure that you're getting the most bang for your buck with your prescription drug spending.

Educate Your Employees With double digit inflation on brand and biologic drugs, with more in the pipeline, every prescription drug plan deserves a keen focus on what drugs are being used, with programs and recommendations on alternative clinically equivalent medications.  For instance, an oral medication commonly used to treat Type II diabetes can cost well over $1,000 a month – yet, there is a generic available for around $5 a month with the same common chemical. For this exact reason, it is critica…