Category Archives: Employee Health

How much is my drug copay?

How much is my drug copay

As a consumer or employer navigating the complex world of prescription medications, one of the most frustrating questions we hear is, “How much is my drug copay?”

It seems like it should be a simple answer, but in today’s rapidly changing pharmaceutical and insurance landscape, it’s becoming increasingly complicated. Let us share our experience and what our clients can learn.

Gone are the days when you could confidently walk into your local pharmacy knowing exactly what you’ll pay for a prescription. Now, It’s like a guessing game every time you need to refill a medication.

Why? Because drug prices can vary wildly depending on a multitude of factors:

The specific pharmacy you choose
The insurance plan’s current formulary and tiers
Whether the consumer is using a coupon or discount card
The time of year (Deductible)

New Players Shaking Things Up

Recently, we’ve noticed many new names entering the pharmacy landscape, disrupting Pharmacy Benefit Managers and ultimately bringing transparency to a largely untransparent industry:

Mark Cuban Cost Plus Drug Company

Skeptical at first – a celebrity starting a drug company? But what we are seeing is the single greatest disruption in health care from Mark Cuban: They buy medications directly from manufacturers and add a flat 15% markup plus a small pharmacist fee. They are breaking the model of distribution and delivery of drugs in the USA and bringing transparency in pricing that is leading to total dissolution of the middle men. For some of my prescriptions, it’s actually cheaper than my insurance copay!

GoodRx

This app has been a game-changer for many. The ability to compare prices at different pharmacies in your area and even get discount coupons is powerful There will be times paying cash by using GoodRx is cheaper than going through insurance. Who would have thought? Crazy, and counterintuitive but accurate.

Even with these new options, navigating insurance coverage can still feel like solving a Rubik’s cube blindfolded. Your copays can change based on:

Whether you’ve met your plan or RX deductible
If the drug is considered “preferred” on the plan and what tier it falls into
If you need prior authorization
Whether you are using a specialty pharmacy or where you purchase

What’s a consumer to do?

Here is how end users and employers can guide their employees about managing drug copays:

Always ask questions: Don’t assume your copay is set in stone. Ask your pharmacist if there are cheaper alternatives or available discounts.
Use technology: Apps like Good-Rx can be incredibly helpful in finding the best prices.
Consider alternative sources: Look into options like Mark Cuban’s company, Amazon Pharmacy, Costco, or online pharmacies, but always verify their legitimacy first.
Talk to your doctor: They might be able to prescribe a cheaper alternative or a generic version.
Understand your insurance: It’s a pain but researching through and understanding your plan’s pharmacy benefits and formulary can save you money in the long run.
Don’t be afraid to shop around: Different pharmacies can have vastly different prices for the same medication. And, your health plan may encourage use of a certain pharmacy

The Bottom Line

So, how much is your drug copay? The honest answer is: it depends. The pharmaceutical landscape is changing rapidly, and consumers need to stay informed and proactive. While it can be frustrating to navigate, these changes also bring opportunities for savings. By asking questions, using available tools, and being willing to explore new options, everyone can take control of their prescription costs.

Trend Spotter: Employers Are Prioritizing Holistic Well-Being

Leave a reply

Many employers enhanced their mental health and well-being benefits during the COVID-19 pandemic and are expected to build on that in 2023. Americans struggled with mental health and substance misuse before the pandemic, but these struggles were exacerbated during the pandemic and persist today. Today we’re talking about what employers have been doing to ensure their team has the support they need to maintain their mental health and strike a good work/life balance.

Americans are struggling to maintain their mental health.

According to a recent survey by the Kaiser Family Foundation, mental health is a serious concern for the majority of American adults. The findings revealed that an alarming 90% of adults feel the nation is experiencing a mental health crisis. Furthermore, 1 in 5 adults rated their mental health as “only fair” or “poor.” Most adults cited stressors, including finances, politics and current events, relationships with family and friends, and work. There are also many barriers that prevent people from accessing mental health services including cost, scheduling (e.g., couldn’t get time off work) and the stigma associated with mental health.

Since the average American will spend 90,000 hours at work over their lifetime, employers are uniquely poised to help address or eliminate these hurdles.

Employee burnt out is at an all-time high and could affect retention.

Another critical component of employee well-being revolves around work-life balance. As remote and hybrid work arrangements become the norm workers’ lines between work and life remain blurred. This lack of clarity can cause employees to never feel they they can “switch off”, quickly leading to burn out. Organizations will need to take greater responsibility for workers’ burnout and actively seek ways to help avoid it. To address burnout and other well-being challenges, employers may consider offering or expanding their employee assistance programs, behavioral health anti-stigma campaigns, and training for recognizing employee and peer behavioral health issues. Many workers will be looking to their employers for guidance as well as the education and support they need.

A new framework to ensure optimal employee physical and mental wellness.

Here are the U.S. Surgeon General’s new five-part framework for employers. It outlines how the workplace can promote employee mental health and well-being:

1. Protection from harm.

Physical and psychological safety is critical for ensuring employees’ mental health and well-being.

2. Connection and community.

Positive social interactions and relationships in the workplace can support employee well-being.

3. Work-life harmony.

Work-life harmony involves employees incorporating work into the rest of their lives in a way that promotes happiness during and outside of the workday.

4. Mattering at work.

Employees want to know that the work they do matters and contributes to the success of the overall company.

5. Opportunities for growth.

Employees may be more optimistic about their abilities and contributions when there are more opportunities to achieve goals based on their growth.

Conclusion

All signs indicate that employee well-being will become a primary focus for employers in 2023. Many workers have experienced elevated stress, burnout, and poor mental health in the past few years. Having holistic benefits offerings can alleviate many of these issues. These benefits will make employees feel recognized, appreciated, and safe. When an employee is thriving, you can expect increased job performance, better stress management, and less chance of burnout. This year, successful organizations will lead with humanity as employee well-being continues to be challenged by social and economic pressures.

–

Need help implementing holistic benefits? Contact us at marketing@corpstrat.com.

How to Take Care of Your Key People (the Right Way)

Leave a reply

Your business is humming along but without your top employees, your company might start feeling the strain immediately. Many small businesses rely on a few key people to keep things running smoothly and efficiently. But what happens to your key people when they fall ill or become disabled? Today we’re going to talk about how to continue taking care of your key people even in the face of disability.

Who are your key people?

Most companies need their MVPs to run their business successfully. Your key people are high performing and often do the work of many people. Business simply runs better when they’re there. When a key person becomes sick, injured, or disabled, it’s likely to disrupt the business in both functionality and profit.

In today’s world, longevity at a company can seem like a rarity. Apart from losing key people to positions elsewhere, a big concern is if your top performing employees have an illness that disrupts their ability to do their job at a high level, thus impacting their earning capacity. It’s a problem most companies fail to consider.

How to take care of your key people when they’re disabled:

Many companies do have some type of Group Disability coverage that provides blanket protection to everyone and yet surprisingly these plans don’t adequately protect the highest earners. The limits typically cover the masses, leaving your MVP’s to receive less than their standard wages by a large differential. In addition, you’ll likely need to hire a temporary replacement to fill the shoes of your key person, further draining the company’s funds.

Sick pay is one area that the IRS allows companies to effectively discriminate in favor of highly compensated people, provided there is a plan in place. Many times, a company might use insurance to fund salary continuation when an employee is sick.

Careful, there’s a catch…

Tread cautiously because if you do it incorrectly, you could create a situation where all your employees expect to be paid when they are disabled.

If done right, companies can selectively discriminate in favor of their most highly compensated. They can also buy insurance products to assure that they have adequate income continuation while not posing a burden to the company.

–

If your firm has a Group Disability plan, reach out to us. Let’s talk about how we make sure your most important people are protected properly. Email us at marketing@corpstrat.com

Employees now rank healthcare as more important than salary.

Leave a reply

Employees are now ranking healthcare as more important than salary increases. With healthcare insurance premiums rising again this fall, employers are faced with a unique challenge: revisiting the balance between salary increases, compensation, and benefits. Remember, this is all happening in a competitive market in which employees are no longer as connected to the companies they work for.

With a volatile economy and employees adhering to a remote-first work attitude, a recent survey showed that 70% of employees rank healthcare coverage as the most important benefit when considering a job change. They may not know the intricate mechanics of health plans, but they want the assurance of being taken care of, both physically and mentally. They’re also keenly aware of the amount that’s coming out of their paychecks through co-pays and monthly fees.

For employers, this focus on Benefits over salary can present a huge opportunity. If you listen to what your employees actually want, you can present them a Benefits package that’s creative and fresh. This can help you increase retention without breaking the bank.

Here are a few things that employers can do to keep their offerings fresh:

1. Revisit your benefits package.

Employees like choices! Make sure there is a full array of products including things like financial planning, legal, and Voluntary Benefits. Include perks that can increase morale like flexible work hours, fitness discounts, or career development opportunities. Don’t underestimate how little things can make a big difference in building good will with your employees.

2. Communicate the value of your benefits.

Spend time and resources in communicating the value of your benefits. Most employees won’t dig deep into benefit brochures on their own so be sure to highlight your offerings. Be transparent about why you’ve painstakingly chosen the plans they’re being offered.

Make this process fun! Create easy to understand graphics so all the information is digestible. If you’re in office, invite your employees to participate in an information session with a catered lunch or snacks. If you’re a primarily remote team, hold an informational Zoom session and send everyone who joins a free gift card for coffee to encourage them to attend. Do what you can to help your employees understand how much value they can gain from their Benefits package.

3. Go Digital

Make sure your benefit enrollment and communication has gone digital. The days of paper communication are long over! Employees want easy mobile access for every step of their Benefit enrollment and management. The less pain points there are in the enrollment and management of their Benefits, the more autonomy and agency they feel they have. Having a robust mobile application also builds confidence in employees that 1.) their data is secure and 2.) their company is using technology that’s with the times.

–

At CorpStrat we pride ourselves in helping employers do all of the above. If you know of an employer who could benefit from our service and guidance, please recommend us. It’s that time of year when everyone deals with this issue and we are MONEY when it comes to these issues.

If you need help making sure your benefits packages are the best they can be, give us a call.

Open Enrollment is Over…Now What?

Leave a reply

2022 has presented employers with a unique set of challenges. With healthcare costs rising due to inflation, employees opting for unconventional careers post-COVID, and the Great Resignation hanging over their heads, employers need to work harder than ever to attract, retain, and reward their team. Most employers can’t afford to lose anybody. In order to keep their teams intact they need to actively seek out how to make their benefits package more enticing for current and prospective employees.

Here’s a quick hit of the things employers should be doing right now to ensure they’re delivering the best benefits without going over on cost.

1. Are your employee benefits offerings delivered online?

If they’re not, you’re way behind the times. This is an easy way to bring your benefits, delivery, and communication into the 21st century. (Curious how you can get your benefits up to speed, learn more about your Employee Benefits Audit.)

2. Have you done a great job of packaging your offerings to attract employees?

Can you show a new prospective employee what your offerings are, easily and digitally? Beyond medical insurance, employees should be able to easily access the status of and information about their PTO hours, 401K, and remote work options. This is all part of the package employees will look at and consider during the hiring process and the easier it is to understand, the more likely they might be to sign on.

3. Is your HRIS up to speed?

Since the start of the pandemic, the majority of employees are opting for full-time or hybrid remote work. This means your HRIS System needs to be able to manage remote workers effectively and accurately.

Ask yourself:

Do my employees currently have an easy way to clock-in, clock out, sign documents, and request PTO from home?
Can they view their hours worked or PTO availability?
Are all the rules being followed on meal breaks? Would I know if they weren’t?

If the answer to any of these was “I’m not sure”, let’s talk.

4. Have you looked at low cost ways to expand your benefits?

Healthcare costs are rising and this can be a headache for employers. Instead of trying to reinvent the wheel, take a look at voluntary plans that you can add to your benefits package. Benefits like dental, vision, life, disability insurance, and AFLAC are all great benefits that employees they can’t get on their own.

5. Take time mid-year to review the market and assess how you can improve your offerings.

Contrary to popular belief, renewal is not the best time to reassess what your benefits package looks like. Your broker should actively be helping you find ways to improve your offerings throughout the year. Get strategic with your broker. Now is the time for them to shine.

–

If your broker is not a valuable part of your business planning team, give us a call at 818-377-7260 or email us at marketing@corpstrat.com