Grow Commissions with Ancillary RX Plans

U.S. prescription use is widespread and growing. At any given time, almost half the American population is taking at least one prescription drug.  The Centers for Disease Control and Prevention released the following statistics in a 2015 report on the U.S.:

• Percent of persons using at least one prescription drug in the past 30 days: 48.7 (2009-2012)
• Percent of persons using three or more prescription drugs in the past 30 days: 21.8 (2009-2012)
• Percent of persons using five or more prescription drugs in the past 30 days: 10.7 (2009-2012)

More important to your clients and their employees, however, is cost containment. A recent IMS Study released on April 14, 2016, reported total spending on medicines was up 8.5 percent in 2015, and 15 percent for specialty medicines. Spending through 2020 is expected to keep growing at a compound annual growth rate of 4-7 percent. This is where you come in. Offering prescription drug plans to your employer groups and individual clients you serve not only meets an important demand, but also serves as an added revenue opportunity for your business. Youcan grow your commissions by selling prescription plans.

More and more Americans are taking prescriptions at a time when many health plans are increasing restrictions on prescription cost coverage.  As prescription usage grows, Americans are paying more of their healthcare costs.  Reasons include:

• Some chronic, long-term health conditions such as multiple sclerosis, rheumatoid arthritis, hemophilia, hepatitis and cancer require special medicines that may not be covered in whole or in part by the primary health insurance policy. 
• Consumers often prefer brand name drugs when only generic are paid for by the primary health insurance policy. 
• Deductibles on many plans are thousands of dollars and so even if the health plan covers needed medication, consumers need assistance in paying for them while their deductible accumulates.

Ancillary Prescription Drug Plan Types

Ancillary Rx plans come in the form of discount plans, riders, embedded as value-added benefits to other ancillary benefits like dental and vision, as well as prescription discount cards. Consumers can often join this type of prescription plan even if they already have health insurance. The medication benefits offered can save up to 50 percent on prescriptions with convenience options such as mail order or online fulfillment.

Be proactive in presenting this product add-on with your clients. It’s often a low-cost benefit or may be a value-added benefit many of your insurance carrier partners offer!