When it comes to employer-sponsored health insurance, not all plan designs are created equal. Employees are limited to what their employers are able to offer, which has become more difficult as healthcare costs continue to rise.
The United States spends more on prescription drugs than any other country, with an average of $1,200 per person per year – this has made it difficult for both employers and employees and can mean higher copays and deductibles.
To help offset this trend and to give employees an advantage, myDrugCosts applies a three-step approach that includes transparency, engagement, and education.
“Our goal is to help employees save money on their prescription drugs by helping them be smarter consumers of their health,” says Dan Pollard, CEO of myDrugCosts. “Employers that promote using myDrugCosts can help reduce corporate pharmacy spend as well as address employees’ desire for have help navigating a confusing health system to find the lowest cost for their medications.”
With the lack of transparency in the pharmaceutical industry and prices for medication continuing to increase, employees can often face a serious issue of not being able to afford the medications that are crucial to their health.
According to a recent survey, nearly half of Americans said they’ve either skipped a prescription or a refill in the past year because the price of the drug was too expensive.
“I had a similar issue when I was first entering the workforce,” said Josh Snyder, Marketing & Client Specialist at myDrugCosts. “My medication cost more than $300, so I had to choose between paying bills or breathing. I was unaware there were other buying options and even if I was aware, I wouldn’t have known where to start.”
With a few taps, myDrugCosts members can search drugs to see buying options based on their zip codes. Members see pricing with their insurance, for off-plan options, for generics, and for similar drugs that treat the condition.
When medications get filled, members’ prescriptions will automatically show up in their “myPrescriptions” section with details on their medication as well as any opportunities to save on their next refill.
To help members identify these savings opportunities, notifications are sent a few days prior to their refill dates.
“Unlike other apps that people use daily or weekly, health apps are used on an as-needed basis,” says Dan Pollard. “Because of this, users often forget they have access to technology that can make prescription drugs and the healthcare system more approachable. To counter this and help our members save on their drugs, we communicate when they would most benefit from using myDrugCosts.”
In a recent study focusing on health technology, 50 percent of the employees surveyed said they were looking for help budgeting the costs of healthcare.
To help employees save money on their prescription drugs, myDrugCosts provides tools and resources to help with early education, including listing all buying options when an employee searches a drug.
Employees also have access to planning tools to help during one of the most important stages in the corporate-health lifecycle – open enrollment. myDrugCosts’ planning tools allows members to budget for their FSA/HSA based on the medications they are taking as well as evaluate the costs of their drugs on each of the health plans offered by their employers.
myDrugCosts also works with HR teams to incorporate reminders to inform employees of any restrictions on their corporate healthcare coverage.
To further help employees understand their coverage, myDrugCosts provides easy access to the members’ summary of prescription benefits.
myDrugCosts ’three-step approach helps members be more informed and engaged so they can find medications that are best for their health and budget.