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 New York. The Compensation Data 2007 – New York results have revealed prescription co-pay costs for non-formulary drugs have increased since 2005 on Indemnity, HMO and PPO plans. However, the survey of 211 organizations reported generic co-pays for all plan-types were below $10.00 in 2007.
Non-formulary drugs have experienced a rise on Indemnity, HMO and PPO plans since 2005. This year, PPO plans had the highest co-pay with $39.24, while HMO plans had co-pays of $39.15. Since 2005, non-formulary co-pays for PPO plans have increased by 4.9 percent. A larger increase was seen in HMO plans, 7.6 percent.
The cost of formulary drugs has increased on Indemnity and HMO plans over the last year in New York. In 2005, the average cost of formulary drugs on HMO plans was $20.29. This number has increased by 11.8 percent over the last three years. PPO plans had the highest formulary cost this year, $22.98, while Indemnity had the lowest, $20.81.
In comparison, co-pays for generic drugs were below $10.00 on all plan types this year. According to the 2007 results, PPO plans have an average co-pay of $9.61 for generic drugs, and HMO plans are at $9.77. POS plans had the lowest co-pay, $9.45.
"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, 99.2 percent of organizations reported offering prescription coverage with their PPO plans. And, at least 96 percent of companies offering Indemnity, HMO and POS plans provide prescription drug coverage."
About the Survey
Compensation Data 2007 – New York contains data on 522 job titles ranging from entry-level to top executives. Information was collected on more than 421,000 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 Odle at (800) 300-9570 or lodle[at]compdatasurveys.com.
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