LM Feb 2024

The escalating costs of prescription medications have become a pressing concern for consumers, healthcare providers, insurance companies and especially employers providing insurance. The increase in cost is significantly impacting budgets for employers across the nation. As stewards of your budget, it’s crucial to understand the factors contributing to this issue and explore proactive measures to mitigate its impact on both financial stability and the well-being of your staff. Research and development costs, market dynamics, and patent protections are all contributing to the high prices of prescription drugs, putting a considerable burden on districts trying to provide comprehensive healthcare coverage for their staff. One of the primary challenges is the limited competition in the pharmaceutical market, particularly for specialty medications with no generic alternatives. This scarcity allows manufacturers to set higher prices, leaving consumers and insurance companies with limited negotiating power. Consequently, healthcare costs rise, affecting both the cost of insurance and the overall well being of staff. Here are four steps you can take to help mitigate the impact of rising prescription costs: Your Health Matters

Rising prescription costs: What’s the remedy? Story submitted by Health Alliance™

Promote Generic Alternatives Generics offer a cost-effective alternative to brand-name drugs and can significantly reduce prescription drug expenses. Individuals can start by discussing alternatives with their primary care provider, and many insurance plans, like Health Alliance™, have pharmacists on staff that offer medication reviews. Educate Staff on Cost-Saving Measures Provide resources and training for staff to make informed decisions about their healthcare, including understanding prescription drug costs and utilizing available resources for cost savings like mail-order prescription delivery. Encourage Wellness and Prevention Encourage staff to get their annual wellness exams, stay current on immunizations and regularly review their health needs. By promoting preventive care and healthier lifestyles, schools can potentially reduce the need for certain medications and, consequently, help control healthcare costs. Evaluate and Optimize Prescription Drug Plans Regularly review your health plan coverage to identify cost-saving opportunities without compromising the quality of care. Consider, for example, if your pharmacy benefit is structured to promote the use of generic medications.

To learn how Health Alliance can save your district money, contact your ISEBC agent: Clemens and Associates, Inc.: tcockburn@clemensins.com J. Krug: lsimios@jkrug.com

American Central Insurance Services: jeremy@americancentralins.com (Abe Lincoln, Central Illinois Valley,

James Unland & Company, Inc.: bshock@unland.com (Western (Knox County) and

(Egyptian, Shawnee, Kaskaskia, Southwestern and Wabash Valley)

(Blackhawk, Kishwaukee (Boone, DeKalb and Winnebago counties), Northwest and Starved Rock)

Corn Belt, Illini, Kaskaskia, Two Rivers and Western)

Central Illinois Valley (Peoria, Tazewell and Woodford counties)

25 LM February 2024