As an employer, you’re always looking for the best value in your health care plan, and smart ideas for managing costs. One area of focus should be pharmacy costs, which account for nearly 20% of all health spending — falling just shy of the cost of inpatient hospital care1. In fact, U.S. drug spending spiked 12.6% in 20142. It’s expected to continue to climb by 7.3% through 2018, hitting upward of $535 billion — accounting for nearly 17% of all personal health care spending. This growth in drug costs is expensive for both employers and employees alike.
Choosing the right health insurer with good pharmacy benefits can be the first step to ensuring cost savings, while helping to drive value in your plan overall. It’s also important to educate employees on the best ways to navigate and take advantage of the options available to them. Value comes from finding a balance of cost and quality, which can also increase satisfaction among your employees.