Kansas City, Kan. -- In past months, large retailers have made news with plans to reduce the cost of some generic prescriptions. Now months later, the newly-released Compensation Data 2007 – Arkansas/Oklahoma results have revealed prescription co-pay costs have increased since 2006 for non-formulary and formulary drugs. However, the survey of 134 organizations reported generic co-pays increased only on Indemnity plans.
Non-formulary drugs have risen in cost since 2005 for both states. POS plans had the highest co-pay with $46.50 and were followed by PPO plans with $42.39. Since 2005, non-formulary co-pays for PPO plans have increased by 7.6 percent. A larger increase was seen in POS plans, 9.8 percent.
While co-pays for non-formulary drugs have increased in Arkansas and Oklahoma, formulary drugs have also seen a rise in cost across all flat dollar health plans in the last year. In 2006, the average cost of formulary drugs on PPO plans was $24.31. This number has increased by 5.2 percent. POS plans had the highest formulary cost this year, $26.50 and were followed closely by HMO with $25.87.
In comparison, co-pays for generic drugs have varied by plan from $9.50 to nearly $12.00 since 2006. According to the newly released results, generic co-pays were $10.36 on PPO plans and $10.22 for HMO plans. POS had the lowest cost with $9.70, while Indemnity had the highest, $11.00.
"Despite reductions in health care coverage, the results have shown employers are still offering prescription plans as part of their health insurance," said Amy Kaminski, manager of marketing programs for Compdata Surveys, the nation’s leading compensation and benefits survey data provider. "In 2007, 97.2 percent of organizations reported offering prescription coverage with their PPO plans. And, more than 90 percent of all companies offering Indemnity, HMO and POS plans provide prescription drug coverage."
About the Survey
Compensation Data 2007 – Arkansas/Oklahoma contains data on 483 job titles ranging from entry-level to top executives. Information was collected on more than 353,000 employees across both states. 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 Lyons Odle at (800) 300-9570 or lodle[at]compdatasurveys.com.
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