Summary
The article discusses the challenges faced by HR leaders in managing drug plans for their employees and suggests ways to put the benefit back into these plans. It highlights the rising costs of prescription drugs and the impact it has on both employers and employees. HR leaders are encouraged to take a proactive approach in managing drug plans by focusing on three key areas: plan design, employee education, and cost containment.
In terms of plan design, HR leaders are advised to review and update their drug plans regularly to ensure they are aligned with the needs of their workforce. This includes considering the use of generic drugs, implementing step therapy, and exploring the use of specialty drug management programs.
Employee education is also emphasized as a crucial aspect of managing drug plans. HR leaders are encouraged to provide clear and comprehensive information to employees about their drug benefits, including how to navigate the plan, understand drug costs, and make informed decisions about their medications.
Summary
Cost containment strategies are discussed as a way to address the rising costs of prescription drugs. HR leaders are advised to negotiate with drug manufacturers and pharmacies to secure better pricing and discounts. They are also encouraged to implement strategies such as prior authorization, quantity limits, and mandatory generic substitution to control costs.
Overall, the article emphasizes the need for HR leaders to take a proactive and strategic approach in managing drug plans. By focusing on plan design, employee education, and cost containment, HR leaders can ensure that their drug plans provide value to both employers and employees.
