Remove Deductible Remove Deductions Remove Pharmaceutical
article thumbnail

Health Plans Covering Fewer Drugs, Imposing More Restrictions

InterWest Insurance Services

As prescription drug costs continue growing and pricey new pharmaceuticals add to health plans’ cost burdens, some carriers are starting to reduce the number of medications they’ll cover and are imposing new barriers to accessing the most expensive ones. This is referred to as a pharmacy deductible.

article thumbnail

Spread the Word About Additional HSA Contributions

InterWest Insurance Services

Usually, these accounts are funded with pre-tax deductions from your employees’ paychecks, but if they didn’t max out their contributions last year, they still can do so up until the tax-filing deadline. Funds in HSAs can be used to pay for a myriad of out-of-pocket medical-related expenses, pharmaceuticals and medical devices.

401(k) 82
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How much is my drug copay?

CorpStrat

” It seems like it should be a simple answer, but in today’s rapidly changing pharmaceutical and insurance landscape, it’s becoming increasingly complicated. The pharmaceutical landscape is changing rapidly, and consumers need to stay informed and proactive. Let us share our experience and what our clients can learn.

article thumbnail

Many Employees Choosing the Wrong Health Plans

InterWest Insurance Services

Many employees choose pricey plans with low deductibles, which force them to spend more up front on premiums to save just a few hundred dollars on their deductible. Study 1: The deductible angle. As a result, workers paid an extra $528 in premiums for the year to keep their deductible at $750 instead of $1,000.

article thumbnail

Report: Group Health Plan Cost Inflation to Pick Up Steam

InterWest Insurance Services

in 2024, as inflation starts hitting the cost of delivering care as well as pharmaceuticals. Pharmaceutical costs — There are two significant drug cost drivers: Specialty drugs: These are significantly more expensive than their traditional drug counterparts, often costing more than $2,000 per month per patient.

article thumbnail

Insulin Makers Cap Prices for Insured Individuals

InterWest Insurance Services

The changes mean some or many of your employees will see significant reductions in their pharmaceutical outlays, particularly if they have high copays or deductibles. Another report found that some people with high-deductible health plans were paying $350 to $600 a month, for a medicine that costs $6 to make.

article thumbnail

Flexible Spending Account Contribution Limit Climbs

InterWest Insurance Services

Earlier in 2023, the IRS also announced the maximum contribution limits to health savings accounts, which are similar to FSAs, but they must be attached to a high-deductible health plan. The FSA announcement came unusually late this year, right in the middle of open enrollment, making it difficult for employers and employees to plan.