Did you know that cost is the number one reason why Americans don’t take their medications as prescribed? That doesn’t just impact their health and wellbeing – it impacts their ability to do good work for your company.
Here’s part of the problem: prices for prescription drugs can vary widely between pharmacies. The main pharmacy you – or your employees – visit may charge $150 for your prescription, while the exact same prescription carries no cost at another pharmacy down the road. But without the right tools and knowledge, you’d never know.
For many of our clients, finding the right tools to help their employees control and manage the rising cost of healthcare is now an essential component of their benefits packages. One of the tools we are recommending our clients share with their employees is GoodRx, which helps your staff choose a pharmacy based on prescription price, and offers prescription coupons to further discount the cost.
The truth about prescription prices
Whether your employees opt-in to your health plan or not, they could be spending less on their prescriptions. Even a $10 co-pay could be more than the true cost of a generic prescription, and over time, all those additional costs can add up. With GoodRx, your employees can find many of those generic prescriptions for just $4, if they’re choosing the right pharmacy.
Brand-name medications can cost significantly more. Having access to the coupons provided through a powerful app like GoodRx could save them upwards of $500 a year, depending on the medications they need and the frequency of their refills.
How can an app like GoodRx save my employees so much money?
The GoodRx app is linked to a huge database that tracks prescription prices across pharmacies around the nation, and is a coupon conglomerate for nearly every prescription drug on the market. By simply checking the app for the prescription they need, your employees are shown the best ways to save money before their doctor even sends the prescription to their pharmacy of choice.
All that said, it’s important to note that GoodRx is something used in place of insurance. Purchases made via GoodRx cannot be submitted to insurance or Medicare, nor will purchases apply towards a deductible, although the use of HSA dollars to pay for the prescriptions is allowed if the medication qualifies.
What that means is that GoodRx is an excellent app to have on hand for most of your employees, but it’s not for everyone. In some situations – such as when there are a lot of anticipated medical expenses and/or expensive prescriptions that an employee or their family will need throughout the year – it may make more sense to satisfy a deductible and skip the GoodRx coupons.
How will GoodRx impact my bottom line?
The best part of an app like GoodRx? There’s no cost to you to share it with your employees, or for your employees to use the app and coupons. Sharing education about the platform, and encouraging your staff to take charge of their out-of-pocket healthcare costs is one way that you can empower your employees to create significant healthcare savings in their budget, and is a great way to show your staff that you care.
It doesn’t make you any money – why are you sharing this with me?
At Sailer Benefit, we believe in helping our clients get more out of their employee benefits packages. That means more than just understanding all the ways your staff can better use their benefits. It means helping you identify what will supplement the tools and programs you already have in place to build more ROI and savings for both the company and the employees. GoodRx is just one tool that we recommend to our clients as a way that they can help their employees maximize their healthcare spend.
Have questions? We’re happy to help! Reach out to schedule a quick consultation with us today.