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 Virginia. The Compensation Data 2007 – Maryland/Virginia results revealed prescription co-pay costs for all drug levels on PPO plans have increased since 2005 in Virginia. However, the survey of 260 organizations reported generic co-pay costs have increased on all plans over the last year.
Non-formulary drugs have experienced a rise on PPO and Indemnity plans since 2005. This year, POS plans had the highest co-pay with $46.00, while PPO plans had co-pays of $41.93. Since 2005, non-formulary co-pays for PPO plans have increased by 13.2 percent. Indemnity plans had a much smaller increase, 2.8 percent.
In addition, the cost of formulary drugs has increased on PPO and Indemnity plans over the last three years. In 2005, the average cost of formulary drugs on PPO plans was $22.20. This number has increased by 12.2 percent over the last three years. POS plans had the highest formulary cost this year, $25.20, while HMO had the lowest, $23.93.
In comparison, co-pays for generic drugs have increased on all plan types in the last year. According to the 2007 results, PPO plans have an average co-pay of $10.92 for generic drugs, and POS plans are at $10.40. HMO plans had the lowest co-pay, $9.86
"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, nearly all companies offering PPO, Indemnity, HMO and POS plans provided prescription drug coverage in Virginia."
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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