Bukaty Blog


Drug prices on the rise again in 2019

Authored by Bukaty Companies on February 22, 2019

Prices recently increased on more than 250 drugs, with an average jump of 6.3%, according to an analysis from Rx Savings Solutions. That's down from last year; however, prescription drugs remain one of the highest out-of-pocket medical costs for many consumers. These increases have occurred despite several Trump administration initiatives designed to lower prescription drug costs.  

It’s not surprising that more than 90% of American voters support regulating drug prices, as individuals spent an estimated $535 billion on prescription drugs last year, an increase of 50% since 2010. Drug costs continue to outpace the rate of inflation or wage growth, which is further complicating matters for individuals throughout the country. 

While political gridlock is the new normal in our nation’s capital, reducing the cost of medicine is one of the few goals President Trump and the Democrats have named as a top priority for 2019. On top of Trump administration’s recent initiatives, House Democrats have launched an investigation into the rising prices of popular drugs to treat arthritis, cholesterol, diabetes and other ailments. 

Many employees and individuals alike may feel powerless against the rising drug prices; however, the following ideas may result in significant savings: 

  • Go generic. Generic drugs have the same active ingredients as brand-name medications, but generics are substantially less expensive. Always ask your doctor if a generic is available.
  • Try the big-box stores. Many pharmacies in grocery stores and retail chains offer hundreds of generic medications at reduced costs. Don’t be discouraged if your medication isn’t available at your preferred store – different retail chains have different lists. Make sure to shop all your available options. 
  • Seek and apply for assistance. There are many kinds of prescription assistance programs, offered by state and local governments, Medicare and nonprofit groups.   
  • Shop, shop, shop. Retail prices for prescription medications can vary. Some pharmacies buy directly from drug makers and others use a middleman. Try calling the pharmacies in your area to compare prices or use an app to do the work for you, such as GoodRx. 

For more information on how to help individuals and employees lower their drug costs, or to discuss the latest plan design options to lower overall group prices, please contact your Bukaty benefits consultant at 913.945.0440.

Blog Category: Benefits


Episode 8: Avoiding employee lawsuits

Discover how your business could be at risk for lawsuits, and learn strategies to minimize your chances of getting sued. Our podcast guest shares HR tips you won’t want to miss.

Episode 7: Management training is more important than you realize

Don't leave your managers untrained and unprepared. This episode explores the importance of training your company leaders and how it can be detrimental to your business if you don't.

Episode 6: A benefits package for all ages

Rather than limit your company to an outdated one-size-fits-all benefit package, explore customized, generationally based benefit options for your employees. Each generation has different benefit preferences and Bukaty has the technology and benefit lineup to cater to their needs.

Episode 5: The future of employee benefits

Listen to this podcast and discover how employers are utilizing online benefit management platforms to save valuable time and money. Employees love the ease and convenience an online system has over traditional paper enrollment. It’s a win-win for all!

Episode 4: The power of data analytics

Data analytics can serve as a powerful cost-containment tool for your organization's benefit program. Done right, analytics can illuminate the origin of high health care costs and opportunities for improvement. This episode will examine what it means to analyze data and how a proper analysis can benefit your business.

Episode 3: Understanding reference-based pricing

Reference-based pricing has become a popular strategy to control employer health care costs. Listen to this episode to gain a greater understanding of how this cost-saving strategy can lower reimbursement amounts and overall health care spending.

Episode 3: Busting narrow network myths

Narrow network plans can sound restrictive, but the reality is these plans are a valuable option for many groups. They have the potential to offer up to 20% savings on employee health insurance. 

Register for the Webinar