October 03, 2017

in Benefits & Health

The New Treatment That Will Transform Benefits Plans

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There is an innovative new treatment that we are watching closely, as it has the potential to transform benefits plan costs. This treatment is called pharmacogenetics, and you may be seeing more of it in upcoming years.

What ARE Pharmacogenetics?

Pharmacogenetics matches medications and doses to a person’s genetic makeup, with the goal of improving the success of prescribed medications. It’s an emerging area that’s being carefully assessed.

What are the benefits of Pharmacogenetics?

The ability to target treatment and medications to patient's genetics can help improve efficacy and reduce adverse effects. Essentially, this method of treatment aims to increase the benefits of medication while simultaneously decreasing risk.

Will Insurers Cover this treatment?

One insurer has begun integrating it for LTD claims, and another insurer is considering the possibility of including such testing in the future. Insurance companies who pay for drugs recognize that these tests may be worth the cost, as they ensure the patient will not have side effects that lead to hospitalization.

Pharmacogenetics could positively impact patients, healthcare providers, and insurers if it is successful. It remains an important area of treatment innovation that we are watching closely.

GET MORE INFORMATION

Click here to download the full free 2017 Report Fresh Perspectives on Group Benefits: The Latest Thinking From Plan Sponsors, Members, and Insurers.