Prescription drugs are often one of the most overlooked and under-scrutinized health care costs within benefits administration.
By Anne Fischer|January 12, 2022 at 09:08 AM
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Providing the best mix of health care options and benefits can be a differentiator for companies trying to attract and retain top talent. Benefits leaders want to find the right mix of health care options that matches the needs (and wants) of employees and their families with plans that won’t hurt the company financially or overwhelm employees’ pocketbooks.
One key benefit getting increased scrutiny by government and business leaders is prescription drug coverage, the cost of which has historically outpaced the cost of inflation. Many employers find prescription drug costs to be an unpredictable expense that leads to significantly high-cost claimants. In 2020, the average employer cost for coverage was more than $15,000 per employee per year, with spending on prescription drugs making up an estimated $1,200 per person annually.
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