Prescription drug costs continue to be a major financial burden for both employers and employees. For self-funded health plans, the challenge of managing these expenses while maintaining high-quality benefits can be daunting. Fortunately, strategic prescription sourcing—such as international mail-order programs, coupon cards, and alternative pharmacy arrangements—offers a powerful solution.
How Employees Benefit
Lower Out-of-Pocket Costs – Many employees struggle with high copays and deductibles for essential medications. By utilizing international mail-order programs or pharmacy discount cards, they can significantly reduce their prescription costs.
Access to Specialty Medications – Some specialty drugs are prohibitively expensive in the U.S., making international sourcing a viable option for access to treatments at a fraction of the cost.
Convenience – Mail-order prescriptions allow employees to receive medications directly at their homes, ensuring adherence to treatment plans without frequent pharmacy visits.
How Employers Benefit
Significant Cost Savings – Self-funded employers bear the full cost of claims, and prescription drug spending is a major factor. Alternative sourcing methods can reduce pharmacy claims and overall healthcare costs.
Enhanced Employee Satisfaction – Offering cost-effective prescription solutions makes health benefits more attractive, leading to higher retention and morale.
Improved Plan Performance – Reducing the financial strain of high-cost medications allows employers to reinvest savings into better overall benefits, including lower premiums or expanded coverage.
Impact on Self-Funded Health Plans
Prescription sourcing strategies align perfectly with self-funded health plans’ goal of maximizing savings while maintaining quality care. Instead of relying on traditional pharmacy benefit managers (PBMs) with inflated costs, self-funded employers can take control by leveraging:
International mail-order programs for safe and regulated access to medications at lower costs.
Pharmacy discount cards to reduce claim costs and encourage smarter consumer spending.
Direct sourcing partnerships to bypass middlemen and negotiate better pricing.
By implementing these prescription sourcing strategies, employers can build a more sustainable health plan, reduce financial waste, and offer superior benefits to employees—all while improving their bottom line.
Want to learn how CB Wood Financial can help optimize your prescription strategy? Let’s connect!
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