Wal-Mart’s recent expansion of its popular generic drug plan into Georgia and 26 other states bodes well for employers struggling to keep up with rising health insurance rates.
If the program drives down prescription drug costs, insurance rates may stabilize or even decrease. Prices of prescription drugs, one of the biggest components of health care costs, have risen dramatically in the last five years.
Wal-Mart, which rolled out the program in Florida this fall, has begun selling more than 300 generic drugs for just $4 per prescription for a 30-day supply. The bargain price is available to all customers, whether or not they have prescription coverage. Target has matched Wal-Mart’s program.
Tip: Now’s a good time to educate your employees about generic drugs and suggest they take advantage of the low-cost program. In many cases, the $4 price may be lower than employees would pay if they purchase the equivalent name-brand drug or generic from other pharmacies that don’t match Wal-Mart’s price.