Kansas City, Kan. – With prescription costs on the rise across the country, Compdata Surveys reviewed the cost of co-pays over the last three years in New Jersey. The Compensation Data 2007 – New Jersey results have revealed prescription co-pay costs for formulary and non-formulary drugs have increased since 2005 on flat dollar PPO and POS plans. However, the survey of 141 organizations reported generic co-pays for all plan-types have fluctuated in cost over the last three years.
Non-formulary drugs have experienced a rise on PPO and POS plans since 2005. This year, POS plans had the highest co-pay with $40.31, while PPO pans had co-pays of $37.54. Since 2005, non-formulary co-pays for PPO plans have increased by 10.1 percent. A larger increase was seen in POS plans, 16.6 percent.
While co-pays for non-formulary drugs have increased on PPO and POS plans in New Jersey, the cost of formulary drugs has also increased on these same plans over the last three years. In 2005, the average cost of formulary drugs on PPO plans was $21.48. This number has increased by 3.8 percent over the last three years. POS plans had the highest formulary cost this year, $23.22, while Indemnity had the lowest, $20.00.
In comparison, co-pays for generic drugs have stayed between $8.50 and $11.00 since 2005. According to the 2007 results, PPO plans have an average co-pay of $9.75 for generic drugs, and HMO plans are at $10.26. Indemnity plans had the lowest co-pay, $8.95.
"Despite reductions in health care coverage, the results have shown employers are still offering prescription plans as part of their health insurance plans," said Amy Kaminski, manager of marketing programs for Compdata Surveys, the nation’s leading compensation and benefits survey data provider. "In 2007, 95.5 percent of organizations reported offering prescription coverage with their PPO plans. And, at least 90 percent of companies offering Indemnity, HMO and POS plans provide prescription drug coverage."
About the Survey
Compensation Data 2007 – New Jersey contains data on 477 job titles ranging from entry-level to top executives. Information was collected on more than 194,000 employees across the state. The results provide a comprehensive summary of pay data, benefits information and pay practices with an effective date of March 1, 2007.
Compdata Surveys is the nation’s leading compensation and benefits survey data provider. Data is collected annually from thousands of organizations across the country. Compdata Surveys has been providing accurate, reliable data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Lane Odle at (800) 300-9570 or lodle[at]compdatasurveys.com.
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