You already know that to become an employer of choice, you need to offer employee benefits that will attract the best talent. In a competitive jobs market that’s a given. While in the past that might have looked like higher pay, bonuses or other perks, in the midst of a pandemic, many employees are now looking for health benefits for themselves and their families.
According to the American Medical Association, health spending in the US increased by 4.6% in 2019 (pre-pandemic), to $3,795.4 billion. Given the rising costs of healthcare, employer pharmacy plans have emerged as a benefit that could help you attract and retain the best employees. Even better, employer pharmacy plans can benefit both your company and its employees.
Employer pharmacy plans: 5 benefits for employers
1. Reduced absenteeism/sick leave
If your employees have simple and affordable access to their medications, they will be more likely to manage chronic conditions and enjoy better health. In turn, this will reduce absenteeism and limit the costs of sick leave. The same applies to their family members. If their dependents can access the medications they need, your staff can come to work and focus on their job.
2. Increased productivity
With access to free medication for common chronic conditions, your employees’ health will improve, resulting in increased productivity and performance. Employees arrive in the workplace feeling healthier and better prepared to deliver their best performance at work. Oh, and they won't have the stress of working out how to afford the medication they need either.
3. Decreased insurance costs
Reduced illness and leave results in fewer insurance claims. By taking pharmacy costs out of the equation (with an employer pharmacy plan like HomeMed’s), over time you’ll likely see a decrease in health insurance costs across the board. As your employees’ health improves, this will lead to a downward trend in insurance premiums and an upward trend in your bottom line.
4. Improved recruitment
Your healthier and happier workforce won’t go unnoticed by potential employees either. They will be impressed by the prospect of joining a company where their health is prioritized and attracted to the employer pharmacy plan that makes it all possible. With health costs rising, access to free medications will only become more sought after and considered more valuable.
5. Loyal workforce
As well as building a healthier and happier workforce, offering an employer pharmacy plan will go a long way to boosting morale and cultivating loyalty. When you care for your staff and their families, they take more pride in the business and are motivated to give back. With a loyal and motivated workforce, your business will grow and innovation will flourish.
Employer pharmacy plans: 5 benefits for employees
1. Maintain health
The most obvious benefit for employees is improved health. With easy and affordable (or in HomeMed's case "free") access to medication for chronic conditions, your employees will be able to look after their health, without worrying about rationing medication or going without. Having ongoing access to prescription medication helps keep their conditions in check, leading to improved health and less stress.
2. Affordable or free medications
Many employer pharmacy plans offer subsidized prescription prices to make prescription medicines more affordable. This means employees no longer have to bear the full cost and can take the medication they need to stay on top of their conditions. With a plan like HomeMed, employees don’t have to pay a cent - medications listed in the formulary are 100% free.
3. Support dependents
Some employer pharmacy plans will also cover chronic medication for an employee’s dependents. With around a quarter of the adult population providing regular care, this has the potential to make a huge impact on the lives of employees and their families, improving health outcomes, reducing the need for leave and making everyday life just that little bit easier.
4. Home Delivery
Employer pharmacy plans, like HomeMed’s, also make it easier for employees to access prescription medication by offering home delivery. Instead of having to go to the pharmacy outside of work hours, employees can receive their medication straight to their door, eliminating unnecessary travel, queues, and the need to leave work early to visit the pharmacy.
5. Auto refills
While not a feature of all employer pharmacy plans, the ability to have prescriptions automatically refilled when due is another benefit that can make a huge difference. With up to 50% of the population not filling prescriptions when due, offering an automatic refill service can ensure your employees stay on top of their health so they can perform at their best.
Take advantage of HomeMed’s revolutionary employer pharmacy plan
Many employer pharmacy plans are linked to insurance and require employees to make copayments or meet a deductible to access pharmacy benefits. With deductibles increasing by 53% over the last 5 years, the risk of employees not taking the medication they need is growing, leading to health issues for them and productivity headaches for you.
With HomeMed, there are no copays or deductible limits. As a standalone plan, you avoid the hassle of having to work with insurance companies and the complexity of calculating coverage. For just $10 a month, your employee (and their dependents) can access prescription medications listed in your formulary, enhancing their health and boosting their productivity.
Learn more about HomeMed’s employer pharmacy plan.