We’re excited to share that Managed Healthcare Executive, a leading industry publication, has recently highlighted The Rx Save Card as an innovative solution to help employers and employees save on prescription drug costs. This recognition validates our mission to provide greater choice and access to affordable medications. View the Managed Healthcare Executive article here.
A Win-Win for Employers and Employees
The Rx Save Card offers a unique approach that benefits both employers and employees. By giving employees access to lower drug prices, including those from Mark Cuban Cost Plus Drug Company, employers can reduce their pharmacy benefit costs while fulfilling their ERISA fiduciary obligations – all without having to switch PBMs.
Employees also win by gaining access to more affordable medication options and reducing their out-of-pocket expenses. It’s a true win-win scenario!
Filling the Gap in Prescription Benefits
Chris Crawford, co-founder and CEO of Rx Save Card, explained the problem in a recent interview with Managed Healthcare Executive: “In a PBM contract, the PBM restricts which pharmacies you or your employees can purchase drugs from. It also dictates the price of those drugs the employer is going to pay.”
The Rx Save Card bridges the gap between traditional insurance plans and out-of-pocket discount cards. It seamlessly integrates with an employer’s existing insurance plan, allowing employees to choose the most cost-effective option for their prescriptions.
How it Works
- Employers load a pre-selected amount onto the card each month.
- Employees can then choose to purchase their medication through their employer’s insurance or pay out-of-pocket.
- If they use insurance, a claim is processed, and the pharmacy is paid at the point of sale.
- If they choose to pay out-of-pocket, the Rx Save Card automatically searches for the best deals from multiple discount cards, ensuring they get the lowest price.
“Most of the time, employees will get their medication for free, and the employer also saves money because they’re paying us for the same drug at the same pharmacy,” Crawford noted in his interview with Managed Healthcare Executive.
Empowering Choice and Transparency
The Rx Save Card encourages employees to make informed decisions about their healthcare. If the PBM option is cheaper, they can still choose that route. As Crawford puts it, “We don’t buy everything in our daily lives from one store or one place, so why should we have that same attitude when it comes to prescription drugs?”
With over 65,000 participating pharmacies, including online options like Mark Cuban Cost Plus Drug Company, employees have unprecedented access to affordable medications.
Addressing ERISA Concerns
Recent ERISA lawsuits highlight the importance of providing employees with access to the lowest possible drug prices. The Rx Save Card directly addresses these concerns, offering a compliant and transparent solution that benefits both employers and employees.
Conclusion
The Rx Save Card is a game-changer in the world of pharmacy benefits. It empowers employers to reduce costs, ensures ERISA compliance, and most importantly, helps employees access the medications they need at more affordable prices.
