InterWest Insurance Services
DECEMBER 10, 2024
These drugs, known as GLP-1s, are contributing to a significant spike in pharmaceutical costs and adding to overall health care outlays. The Mercer survey concluded that employers would have to balance two priorities: Focusing on health care affordability and ensuring that their staff can afford their copays, coinsurance and deductibles.
InterWest Insurance Services
AUGUST 15, 2024
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.
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InterWest Insurance Services
AUGUST 31, 2023
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.
InterWest Insurance Services
JUNE 22, 2022
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.
InterWest Insurance Services
MARCH 7, 2024
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.
InterWest Insurance Services
JUNE 22, 2023
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.
InterWest Insurance Services
FEBRUARY 8, 2024
This process, called steerage, if executed correctly can save the employee money on their deductibles, copays and coinsurance and help them get better overall care. ” And as new and more expensive pharmaceuticals hit the market, the portion of overall health care costs that goes towards medications will continue to rise.
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