Kansas City, Kan. – The cost of prescription co-pays continues to rise across the country, particularly for non-formulary and formulary drugs. The 2008 Healthcare eSurvey – Kentucky found healthcare employees are faced with similar costs to those found in other industries. However, access to in-house pharmacies can alleviate rising prescription costs for these employees.
Most Kentucky healthcare organizations include prescription coverage with their PPO plans. Of those, more than half utilize flat dollar amount co-pays, and 11.7 percent ask plan participants to pay a percentage of the cost. Some healthcare providers, 32.8 percent have both flat dollar and percentage co-pays.
Healthcare employees on flat dollar PPO plans can expect to pay $12.00 on average for generic prescriptions and $27.00 for formulary prescriptions. Non-formulary co-pays are $47.00 on average. In comparison, co-pays at in-house pharmacies are $6.00.
Individuals using two non-formulary drugs a month can pay $1,128 a year. However, the same person would spend $144 a year by using the in-house pharmacy. In this case, it equates to a savings of 87.2 percent or $984.
“Nationally, prices for formulary and non-formulary drugs are on the rise,” said Amy Kaminski, marketing manager of Compdata Surveys. “However, the data has shown generic prescription costs have held around $10.00 for the last three years. This could be caused in part by market pressure from large retailers who have lowered generic prescription prices.”
About the Survey
Compdata Surveys and the Kentucky Hospital Association team to deliver a health care survey to organizations across the state. The 2008 Kentucky Healthcare eSurvey results feature data for more than 300 health care specific job titles and also contain data by bed size, number of employees, revenue and geography. The results provide a comprehensive summary of pay and benefits data tailored to the health care industry with an effective date of January 1, 2008.
Compdata Surveys, www.compdatasurveys.com, is the nation’s leading compensation and benefits survey data provider. In addition to the Healthcare eSurvey, Compdata Surveys publishes Compensation Data, a multi-industry pay and benefits survey available 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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