If you’ve turned on the television lately or scrolled through social media, it’s likely you’ve seen an advertisement regarding heavily discounted prescription drug prices. While it may seem too good to be true, it makes plenty of sense when name-brand drugs — many of which your employees may take to help manage or control chronic conditions — have nearly doubled in cost External Site over the last a six years.
In 2017 alone, total spendingExternal Site by the government, consumers and insurers on prescription drugs was $333 billion. And a professor from Johns Hopkins University, says price increases are due to existing drugs on the market — not new therapies, breakthrough medications or improvements on existing medications.
This trend makes it important for an employer to take a multi-directional approach like offering a more tailored drug list, limiting your network and combining medical and pharmacy benefits. It can make a big difference in both the health of your employees and your organization’s bottom line.
Rx Savings Advisor is now available to all large groups (101+)
If you’re a large group employer who offers Wellmark Blue Cross and Blue Shield insurance to your employees, you are now receiving the benefits of Rx Savings Advisor. This feature is an enhancement to the existing Real Time Benefits tool that allows members to check drug costs and will proactively send savings alerts via e-mail to your employees, who sign up with CVS® through their myWellmark® account.
Tell me more about the Rx Saving Advisor tool
The more expensive a drug is, the less likely your employee is to pick up their prescriptions. The power of the Rx Savings Advisor feature is access to information that helps notify your employees when they are taking a drug with a savings opportunity. With proactive notification, members no longer have to seek out this information. They are directed to the most cost-effective option, providing savings to your employees and your plan. The online tool can also still be utilized to compare prices, look for pharmacies, and see less expensive but just as effective drug alternatives, such as generic drugs or therapies.
How will Rx Savings Advisor help my employees save on drug costs?
It’s really as easy as 1, 2, 3. Here’s how your employees will save on their prescription drug costs once they sign up.
- Email alerts will be sent to notify your employee of savings opportunities.
- Links within the email will direct employees to the savings opportunity page — which can display saving opportunities for the entire family.
- Employees can print and share the savings opportunities with their prescriber.
Your employees will receive alerts consisting of personalized Rx savings advice when out-of-pocket costs are $15 or more and the saving opportunity is $10 or more. The best part? All alerts are designed to align with the options that are incented by your benefit structure, which may include:
- Therapeutic substitutions — switch to alternative drug on lower tier or level of formulary
- Channel — switch from retail to mail order
- Day supply — switch from 30- to 90-day supply.
Questions? Contact your authorized Wellmark account representative, or email us at email@example.com Send Email.
- CVS/caremark® is a registered trademark of Caremark, Inc., a company that provides pharmacy services on behalf of Wellmark Blue Cross and Blue Shield.