As I’ve noted before, my son is great about saving money — even at the tender age of 6. I’m proud of him for already having a firm discerning nature when it comes to wants vs. needs. That said, I’d never give him my credit card.
Not because I think he’d be irresponsible (although I’m sure our house would have more Hot Wheels cars and fewer vegetables), but because he has no concept of how much things cost.
I thought of this as previewed a recent podcast EBN Managing Editor Andrea Davis did with Prescription Solutions’ Patrick Stroh. Stroh outlined a new tool that allows benefits professionals and their advisers to use predicting software to see how much a pharmacy benefit plan would cost by adding in, taking away or tweaking certain elements — network size, copays, etc.
However, a complement to the tool allows employees to weigh in with their preferences as well — a great way to empower employees and show you care about their opinion, I think. But at the same time, with employees’ knowledge of true health care costs so lacking, it’s kind of like giving a 6-year-old a credit card, no?
Let me know what you think. Download the podcast, then share your thoughts in the comments.
Register or login for access to this item and much more
All Employee Benefit Adviser content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access