Now that Courtney has rehab bills, she is watching what she spends in every aspect of her life. A perfect way to do this (within your normal life as an employee or as someone who administers a medical plan) is to ask your doctor for a generic equivalent of the prescribed brand name drug OR a therapeutic equivalent of the drug. You are not only helping yourself save money, but you are quite possibly keeping your healthcare premiums from rising as fast.. Yes, YOUR utilization patterns affect your premiums…and Joe the Plumber’s, too.
I am sure that all employers (self funded especially) know what their generic utilization rate is within their pharmacy plan. You do, don’t you? It should be in the low 60% range on average but you will find many in the low to mid 50% range. Some employer paid nurse practitioner-run health clinics have a generic rate close to 80%. Depending on your employer’s size this can mean big bucks to your bottom line. Haven’t you always wanted the CFO to invite you to their beach house in the islands?
Hey Courtney, aren’t you curious about how to calculate an estimate of your potential prescription savings? OK, OK, take a “benzo” and sit still. For every 1% shift UP in your generic utilization rate you can expect a 1% to 2% savings in your overall drug expenses. So it makes sense to talk with your PBM about what programs they may have to help you or incentivize your employees to ask for a generic whenever possible. Some generics won’t solve the problem but it really is the best place to start OR if you have been taking a brand drug for a while see if you gain the same results with a generic or therapeutic equivalent of your brand.
With the blessing of your MD, of course...