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 – Florida results have revealed prescription co-pay costs have increased for formulary drugs on all plans for the last year. However, the survey of 271 organizations reported co-pays for all drug levels on PPO plans have increased since 2005.
Non-formulary drugs have experienced a rise on PPO, POS and Indemnity plans since 2005. This year, POS plans had the highest co-pay with $47.44, while PPO pans had co-pays of $44.21. Since 2005, non-formulary co-pays for PPO plans have increased by 11.5 percent. Another large increase was seen in POS plans, 10.1 percent.
While co-pays for non-formulary drugs have increased on most plans in Florida, the cost of co-pays for formulary drugs has increased on all plans since 2006. In 2005, the average cost of formulary drugs on PPO plans was $23.94. This number has increased by 9.6 percent over the last three years. POS plans had the highest formulary cost this year, $26.95, while Indemnity had the lowest, $25.69.
In comparison, co-pays for generic drugs have stayed between $11.00 and $12.50 since 2006. According to the newly released results, PPO plans have an average co-pay of $11.76 for generic drugs, and HMO plans are at $11.15. POS plans had the lowest co-pay, $11.09.
"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, 98.9 percent of organizations reported offering prescription coverage with their PPO plans. And, more than 92 percent offering Indemnity, HMO and POS plans provide prescription drug coverage."
About the Survey
Compensation Data 2007 – Florida contains data on 509 job titles ranging from entry-level to top executives. Information was collected on more than 353,000 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 Lyons Odle at (800) 300-9570 or lodle[at]compdatasurveys.com.
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