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 Texas. The Compensation Data 2007 – Texas results have revealed prescription co-pay costs for formulary drugs have increased since 2005 on all plan types. The survey of 289 organizations also reported non-formulary co-pays on Indemnity, HMO and POS plans had increased over the last three years.
Non-formulary drugs have experienced a rise on Indemnity, HMO and POS plans since 2005. This year, PPO plans had the highest co-pay with $43.26, while POS plans had co-pays of $42.38. Since 2005, non-formulary co-pays for PPO plans have increased by 8.5 percent. A larger increase was seen in POS plans, 10.9 percent.
The cost of formulary drugs has increased on all plan types for the last three years in Texas. In 2005, the average cost of formulary drugs on PPO plans was $23.60. This number has increased by 9.5 percent over the last three years. POS plans had the highest formulary cost this year, $26.14, while HMO had the lowest, $25.44.
In comparison, co-pays for generic drugs have fluctuated between $10.00 and $12.75 for all plan types since 2005. According to the 2007 results, PPO plans have an average co-pay of $11.48 for generic drugs, and POS plans are at $11.19. HMO plans had the lowest co-pay, $10.64.
“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, at least 97 percent of companies offering PPO, Indemnity, HMO and POS plans provide prescription drug coverage in Texas.”
About the Survey
Compensation Data 2007 – Texas contains data on 513 job titles ranging from entry-level to top executives. Information was collected on more than 476,000 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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