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 Maryland. The Compensation Data 2007 – Maryland/Virginia results revealed prescription co-pay costs for non-formulary drugs on all plan types have increased since 2006 in Maryland. However, the survey of 260 organizations reported formulary co-pay costs have increased on HMO and PPO plans over the last three years.
Non-formulary drugs have experienced a rise on all plan types since 2006. This year, PPO plans had the highest co-pay with $39.63, while POS plans had co-pays of $38.95. Since 2005, non-formulary co-pays for PPO plans have increased by 15.7 percent. Another large increase was seen in POS plans, 13.6 percent.
In addition, the cost of formulary drugs has increased on PPO and HMO plans over the last three years. In 2005, the average cost of formulary drugs on PPO plans was $21.01. This number has increased by 10 percent over the last three years. PPO plans had the highest formulary cost this year, $23.12, while POS had the lowest, $20.53.
In comparison, co-pays for generic drugs ranged from $9.50 to $12.50 since 2005. According to the 2007 results, PPO plans have an average co-pay of $10.59 for generic drugs, and HMO plans are at $10.17. POS plans had the lowest co-pay, $9.83
"Despite reductions in health care coverage, the results have shown employers are still offering prescription coverage 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, 95.8 percent of organizations reported offering prescription coverage with their PPO plans. And, at least 87 percent of companies offering Indemnity, HMO and POS plans provide prescription drug coverage."
About the Survey
Compensation Data 2007 – Maryland/Virginia contains data on 504 job titles ranging from entry-level to top executives. Information was collected on more than 381,000 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.
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