What options do I have for Drug Plan Management?
Updated: Apr 20
When we meet with our clients one of the topics that pops up more often than not is a discussion around sustainable prescription drug plans and the options available in order to continue to provide value in the plan for employees and plan sponsors. The document attached is a great reference point that highlights several options for employers to consider depending on their needs and plan philosophy.
Proper drug plan management is crucial for both employers and employees. With the increasing cost of medications and the need for more coverage, it's essential to have a well-managed drug plan. There are several options available for drug plan management, including standalone drug plans, fully-insured plans, and self-insured plans.
Standalone drug plans are separate from the rest of an employee benefits package and are typically designed to provide coverage for prescription drugs only. Fully-insured plans are managed by insurance carriers and can be bundled with other benefits such as dental and vision. Self-insured plans allow employers to assume the risk and provide coverage directly to their employees.
Drug plan consulting services can help businesses evaluate their options and make informed decisions about their drug plan management. By working with a consultant, businesses can ensure they are offering the best possible benefits to their employees while staying within their budget.
At Peak Benefit Solutions, we provide drug plan management solutions and consulting services to help businesses create customized plans that meet their unique needs. Our team of experts can help businesses navigate the complex world of drug plan management and find the best solutions for their employees.
Please reach out to your Peak Benefit Solutions Team to learn more.