June 20, 2018

Tufts Health Plan to give pharmacy rebates to members

Tufts Health Plan will soon begin giving pharmacy rebates directly to its members, saying it is the first such health care insurer to do so in Massachusetts.

Tufts announced the new feature on Monday, with the rebate going into effect with the start of 2019.

Pharmacy rebates will go directly to fully insured members of Tufts' high-deductible Saver plan and as an option for self-funded customers, with rebates given at the time the member fills out their prescription at one of more than 68,000 participating pharmacies.

The Watertown-based insurer has more than 500,000 private commercial members, making it the third largest in Massachusetts, behind Blue Cross Blue Shield of Massachusetts and Harvard Pilgrim Health Care.

Tufts said the new rebate program is meant to be more transparent about medical costs and to pass savings to its members. Previously, Tufts said, it has used pharmacy rebates to reduce premiums or administrative fees charge to employers, which can eventually lead to lower premium contributions.

A report last month by the research firm Milliman said prescription drug prices are down for the third straight year, including a 6-percent drop in the past year, but still account for 17 percent of all medical costs.

Comments

Type your comment here:

Today's Poll Do you think Worcester's public art helps the city's economy?<>
ADVERTISEMENTS
Most Popular on Facebook
Copyright 2017 New England Business Media