Health Insurance

For the past 18 months the global pandemic has been the dominant storyline for headlines across the world. Because of this many are rethinking how we approach healthcare as a society. It is not so difficult to make the deductions from this emerging trend. The global pandemic raised the expenditure for drugs in the US to $358.7 billion, surpassing every other country’s expenses. Because of this typical healthcare plans will change.

The global landscape for businesses is constantly changing. The pandemic halted how businesses usually operate and has ushered in emerging trends to foster more productivity such as flexible benefits plans.

Health is wealth. A statement of fact that never gets old. One of the best gifts you can ever gift yourself is sound health. But this typically comes with a price tag on it—and certain common conditions typically drive up healthcare costs.

In light of the global pandemic, one thing we all can agree on is that health is paramount. We were told to remain indoors, wear face masks, and maintain social distancing to curtail the spread of the virus. As we transition towards a world free from the deadly virus, health comes to the forefront.

The progress of any business is directly tied to the productivity of the workforce. Happy employees give the best results, are more productive, and loyal to the business. With the pandemic came the need for greater financial security. Thus, employees are looking for improved benefits as they return to work.

The COVID-19 pandemic has affected all sectors of the economy, including the pharmaceuticals. The majority of self-insured employers are not planning to make any changes in their pharmacy plans, even with the pandemic. A recent survey has found that 90% of self-insured employers are not considering reviewing their pharmacy plans. This percentage jumps to 100% for companies that have more than 1000 employees. Why is this? This article will look at what self-insured employers and self-insured companies are, how PBMs work, and more.