Humana Pharmacy Solutions has announced two new offerings for self-insured employers, the pharmacy benefits management unit of Humana Inc. announced in a statement April 11.
The new options include the Wal-Mart Rx Network, which directs employees to fill prescriptions at the international retailer; and the Rx4Value formulary, which swaps certain name brand drugs for generic.
"This is all about predictability," said William Fleming, president of Louisville, Kentucky-based Humana Pharmacy Solutions. He added that by influencing where drugs are purchased and which drugs are purchased, the new offerings give employers a guarantee of what their prescription prices will be annually.
The Wal-Mart-focused network averages 10 percent savings on annual prescription costs, while the formulary averages 15 percent. If employers choose to enact both plans, the average savings increases to 20 percent.
The program is available to self-insured employers with a minimum of 500 employees. By early 2013, Humana plans to offer similar options to fully insured employers, said Fleming.
For more information about the pharmacy benefits options, call (855) 605-6383.