Retired Teachers Chapter News
Changes in HIP prescription drug costs
Jun 7, 2007 1:50 PM
Drug rider rates for both HIP POS and HIP HMO plans will decrease by 21 percent and 6 percent, respectively, effective July 1. The savings result from instituting drug co-pays of $5 for generic and $15 for brand name drugs that mirror the co-pays members in other plans are paying. Previously HIP had no co-pays.
The new HIP HMO individual monthly rates will be $81.19, down from the current $103.27, and the family rate will be $198.93, down from the current $253.03. The decrease of $22.08 and $54.10 for the individual and family rates respectively are not only substantial savings from current rates but even greater savings from the rates originally proposed by HIP. Before the negotiations, HIP had asked for an individual monthly rate of $122.64 and a family monthly rate of $300.46.
The same is true for the HIP POS rates. The new individual monthly rate will be $142.90, down from $152.32. HIP had originally asked for $198.83. The new family rate will be $350.05, down from the current $373.13. HIP had asked for $487.08. The new HIP POS rates will save members $9.42 per month on the individual rate and $23.08 on the family rate.
GHI rates are unchanged.
Healthnet subscribers will find minor changes, including increased co-pays.
However, the relatively few UFT members who subscribe to other plans will see increases in their drug riders. Aetna HMO basic will have a 19 percent increase; Aetna QPOS basic will have a 28 percent increase and Cigna HMO will have a 15 percent increase. These plans did not offer any options that would have prevented increases, according to Welfare Fund officials.
