Employers can take steps to better manage worker benefits administration
Pharmacy and healthcare costs are skyrocketing, but businesses that offer these benefits to their employees don't have to break the bank to do so. Benefits administration can be cost-effective if companies take action, according to the 2011-2012 Prescription Drug Benefit Cost and Plan Design Report by the Pharmacy Benefit Management Institute, Human Resource Executive Online reports.
The study found that many businesses have invested in cost-sharing programs, and that number is increasing. Copays for specialty brands have increased 37 percent, but tiered plans and co-insurance designs offer an alternative. Some businesses are also turning to plans that allow for copay discounts for mail-order prescriptions over retail.
One major takeaway from the study, according to the news source, is that increased education about different benefit options, such as cost-sharing, could benefit employers.
Brenda Motheral, executive director of PBMI in Plano, Texas, told the news outlet that the "complexity of the benefit" also required employers to educate their workforces about the payroll services and benefit plans available to them so they can be best utilized.
According to Forbes, the state of California is considering greater cost-sharing benefit program to help remedy it's financial troubles.
The study found that many businesses have invested in cost-sharing programs, and that number is increasing. Copays for specialty brands have increased 37 percent, but tiered plans and co-insurance designs offer an alternative. Some businesses are also turning to plans that allow for copay discounts for mail-order prescriptions over retail.
One major takeaway from the study, according to the news source, is that increased education about different benefit options, such as cost-sharing, could benefit employers.
Brenda Motheral, executive director of PBMI in Plano, Texas, told the news outlet that the "complexity of the benefit" also required employers to educate their workforces about the payroll services and benefit plans available to them so they can be best utilized.
According to Forbes, the state of California is considering greater cost-sharing benefit program to help remedy it's financial troubles.
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