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 Alabama, Louisiana and Mississippi. The Compensation Data 2007 – Mid-South results revealed prescription co-pay costs for all drug levels on PPO plans have increased since 2005 across the region. However, the survey of 198 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 Indemnity, PPO and POS plans since 2005. This year, POS plans had the highest co-pay at $48.46, while PPO plans had co-pays of $43.28. Since 2005, non-formulary co-pays for PPO plans have increased by 12.9 percent. A larger increase was seen in POS plans, 17.5 percent.
In addition, the cost of formulary drugs has increased on PPO and POS plans over the last three years. In 2005, the average cost of formulary drugs on PPO plans was $23.82. This number has increased by 6.4 percent over the last three years. POS plans had the highest formulary cost this year, $27.69, while PPO had the lowest, $25.35.
In comparison, co-pays for generic drugs have fluctuated between $9.40 and $13.50 since 2005. According to the newly released results, PPO plans have an average co-pay of $11.22 for generic drugs, and POS plans are at $10.00. HMO plans had the lowest co-pay, $9.41
"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, 98.6 percent of organizations reported offering prescription coverage with their PPO plans. And, at least 94 percent of companies offering Indemnity, HMO and POS plans provide prescription drug coverage."
About the Survey
Compensation Data 2007 – Mid-South contains data on 524 job titles ranging from entry-level to top executives. Information was collected on more than 289,000 employees across the region. 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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