Paramount Rx, a full-service prescription benefits manager focused on consumer-driven health care, is helping businesses assist their employees and customers in navigating the new health care landscape as prescription drug costs rise under the Affordable Care Act (ACA). The rollout of health care reform ensures that prescription drug coverage will be considered an essential benefit under new insurance plans, but it’s also resulting in higher out-of-pocket expenses and copays for users.
In fact, a recent study by health care data analyst site HealthPocket.com revealed there has been a 34 percent increase in drug copayments and co-insurance fees compared to the pre-reform market. Additionally, of the more than six million people who have signed up for the Health Insurance Marketplace, a large number have selected the silver or bronze plans which typically come with the highest program co-pays. The most recent stats from the Department of Health and Human Services showed over 80 percent of participants signed up for either silver or bronze plans.
Companies and other institutions must be aware of this trend as they’re developing and implementing future benefits packages. With growing public concern, it could become a hot-button issue to address whether or not an organization is affected by the employer mandate slated to come into effect in 2015.
Providing resources to tackle these challenges, Paramount Rx has established versatile prescription discount card programs on behalf of a variety of organizations to assist their customers and workforce. Paramount Rx discount cards are often utilized by consumers with existing prescription insurance to ensure the lowest price available. Although it cannot reduce insurance prescription co-pays, a Paramount Rx discount card can provide a more cost effective solution in certain scenarios. Consumers should utilize a best practices approach when filling their prescriptions, checking the price through their insurance first and then comparing that cost to their discount card price.
“When people are comparing the retail costs of medications, they will benefit from presenting a discount card to make sure they get the best deal,” said Mike Sallusto, executive vice president of Paramount Rx. “At no cost to the organization implementing the program or the user, an effective prescription discount card program can be a valuable tool in incentivizing both employees and customers.”
Paramount Rx has established programs with a variety of businesses and organizations, from non-profits like the ASPCA to companies like IBC Bank and its 85+ communities across Texas and Oklahoma. To date, these programs have helped users save millions of dollars off the retail price of prescription medications.
With no deductibles, maximum benefit levels and no exclusions for pre-existing health conditions, Paramount Rx prescription discount card programs continue to provide valuable resources for the businesses and communities they serve. For more details on Paramount Rx, along with information on how its programs provide costs saving for families and pets, please visit www.paramountrx.com.
About Paramount Rx
Paramount Rx is a full-service prescription benefits manager (PBM) focused on consumer-driven health care to help clients provide services for consumers to save money on prescription drugs. The company has tailored programs to help their customers and consumers achieve significant savings with discount prescriptions through a national network of over 54,000 participating pharmacies. For more information, visit www.paramountrx.com.