Healthcare reform will soon require all new medical plans to offer some type of prescription coverage, reducing unavoidable costs for many workers. Although medical plans vary from employer to employer, the majority of utilities organizations surveyed already include prescription co-pays in their policies.
According to the 2011 Compensation Data Utilities survey, more than 94 percent of reporting utility employers included prescription co-pays in the employee medical plan. In 2011, nearly 97 percent of preferred provider organization plans (PPO) include a prescription co-pay while 92.3 percent of high deductible health plans (HDHP) include a co-pay.
“Prescription costs are expected to drop in the future, but for some employees, it will still be a challenge now,” said Amy Kaminski, director of marketing for Compdata Surveys, the nation’s leading pay and benefits survey data provider.
The average co-pay dollar amount for generic prescriptions has remained similar since last year, sitting at $9.40 in 2010 and $9.60 this year. However, formulary prescriptions have increased since last year, costing $25.40 this year, up from $23.40 in 2010. Also in 2011, the majority of PPO plans, 66.4 percent, required prescription co-pay amounts based on a flat dollar amount. HDHP plans for utilities organizations are increasingly offering no prescription co-pay with 25.7 percent this year, up from 20 percent in 2010.
About the Survey
Compensation Data 2011 Utilities surveyed 115 industry-specific job titles and 350 benchmark titles ranging from entry-level to top executives. Data was collected from nearly 130 utilities employers reporting on more than 1,450 locations across the country. The results provide a comprehensive summary of pay data, benefit information and pay practices with an effective date of February 1, 2011.
Compdata Surveys is the nation’s leading compensation and benefits survey data provider. Thousands of U.S. organizations provide data each year ensuring the reliability of our results. Compdata Surveys has been providing comprehensive data at affordable prices to organizations from coast to coast since 1988. For more information about our compensation and benefit surveys, contact Michelle Willis at (800) 300-9570.