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 hospitality organizations surveyed already include prescription coverage in their policies.
According to the 2011 Compensation Data Hospitality survey, 99 percent of reporting hospitality employers include prescription coverage in the employee medical plan. Nearly 67 percent of high deductible health plans (HDHP) determine co-pay based on a percentage of the cost compared to just 4 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 increased since last year, at $10.20 for 2011 and $9.20 for 2010. In order to contain healthcare costs, hospitality employers are increasingly utilizing disease management at 58 percent this year. That’s up from 53.8 percent in 2010. Pharmacy Benefit Management (PBM) is another cost containment measure becoming more popular. In 2011, 61.5 percent of hospitality organizations reported using PBM compared to just under 52 percent last year.
About the Survey
Compensation Data 2011 Hospitality surveyed more than 100 industry-specific job titles and 350 benchmark titles ranging from entry-level to top executives. Data was collected from nearly 200 hospitality employers reporting on more than 2,500 locations across the country. The results provide a comprehensive summary of pay data, benefit information and pay practices with an effective date of March 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.