Managing The Rising Cost of Health Care
January 28, 2016
Health care costs continue to rise, spurred to new heights by the exponential increase in the cost of specialty pharmacy, among other things. According to the Willis Towers Watson/NBGH Best Practices in Health Care Employer Survey, employers expected a 4.1% rate of increase in the cost of employer-sponsored health care benefits in 2015 — the lowest in 15 years but still well above inflation.
Employers, insurers, and health care providers are all looking for new strategies to manage the rising cost of health care in 2016. Shelby Livingston covered this in a recent article for Business insurance, and spoke to Sandy Ageloff, west coast leader of Willis Towers Watson’s Health & Benefits Practice.
Employers focus on several common themes to control cost, including managing the rising cost of pharmacy, adopting high deductible health plans, and increasing adoption of health reimbursement accounts (HRAs).
One area of focus within the overall pharmacy spend is the rising cost of specialty pharmacy. “Pharmacy is the component of employee benefit plans that has the highest rate of increase right now,” said Ageloff.
For more information on the rising cost of specialty pharma specifically, see this recent Willis Towers Watson press release.
For read the complete Business Insurance article, click here.