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 banking and finance organizations surveyed already include prescription coverage in their policies.
According to the 2011 Compensation Data Banking & Finance survey, 99 percent of reporting banking and finance employers include prescription coverage in the employee medical plan. More than 49 percent of high deductible health plans (HDHP) have no prescription co-pay compared to just 2 percent of preferred provider organizations (PPO).
“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. “Many companies are looking for ways to help employees balance these costs.”
The average co-pay dollar amount for generic prescriptions has remained incrementally similar since last year, at $10.60 for 2011 and $10.40 for 2010. However, formulary prescriptions have increased some since last year, costing an average of $29.60, up from $28.80 in 2010. Non-formulary prescription co-pay amounts also increased in 2011, averaging $52.40, compared to $49.20 last year.
About the Survey
Compensation Data 2011 Banking & Finance surveyed more than 140 industry-specific job titles and 350 benchmark titles ranging from entry-level to top executives. Data was collected from more than 200 banking and finance employers reporting on 7,275 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.