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 Colorado and Utah. The Compensation Data 2007 – Colorado/Utah results revealed prescription co-pay costs for non-formulary and formulary drugs on all plan types have increased in the last year. However, the survey of 105 organizations reported generic co-pay costs have fluctuated over the last three years for all plan types.
Non-formulary drugs have experienced a rise on all plans since 2006. This year, POS plans had the highest co-pay with $47.78, while PPO plans had co-pays of $41.28. Since 2006, non-formulary co-pays for PPO plans have increased by 3.6 percent. A larger increase was seen in HMO plans, 6.1 percent.
In addition, the cost of formulary drugs has increased on all plans over the last year. In 2006, the average cost of formulary drugs on PPO plans was $23.01. This number has increased by 5.7 percent over the last year. POS plans had the highest formulary cost in 2007, $27.22, while PPO had the lowest, $24.33.
In comparison, co-pays for generic drugs have fluctuated between $9.25 and $11.50 since 2005. According to the 2007 results, PPO plans have an average co-pay of $10.56 for generic drugs, and HMO plans are at $10.17. POS plans had the lowest co-pay, $10.00.
“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, at least 96 percent of all companies offering PPO, Indemnity, HMO and POS plans provided prescription drug coverage.”
About the Survey
Compensation Data 2007 – Colorado/Utah contains data on 456 job titles ranging from entry-level to top executives. Information was collected on more than 126,000 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 Odle at (800) 300-9570 or lodle[at]compdatasurveys.com.
The HR industry´s premier online community and resource for Human Resource professionals: HR, human resources, HR community, human resources community, HR best practices, best practices in human resources, online communities for HR, HR articles, HR news, human resources articles, human resources news, HR events, leadership, performance management, staffing and recruitment, benefits, compensation, staffing, recruitment, workforce acquisition, human capital management, HR management, human resources management, HR metrics and measurement, organizational development, executive coaching, HR law, employment law, labor relations, hiring employees, HR outsourcing, human resources outsourcing, training and development
hr.com.
human resources management resources for hr professionals. |
HR menus
|
HR events
|
HR Sitemap