Benefits Plans - Prescription Drug Plan: Drug Plan Updates and New Drug Releases -
medimpact
U-M selects new prescription drug plan vendor
Printed in the University Record, July 23, 2012
New prescription drug plan ID cards will be issued in September as the university teams with MedImpact HealthCare Systems Inc. to administer its prescription drug benefit plan.
Prescription drug plan members will see little or no changes when MedImpact replaces informedRx/SXC on Oct. 1. Plan features, drug coverage and member co-pay amounts will remain the same, and mail order pharmacy service will continue under NoviXus Pharmacy Services.
MedImpact will handle prescription drug claims processing and provide pharmacy customer service and retail pharmacy network management for the university. Pharmacy Benefit Manager (PBM) companies like MedImpact negotiate discounted drug prices with pharmacies and pass the savings on to their customers.
“By coordinating administration of its drug plan with a PBM, the university saves money on its net drug plan costs, which helps control costs for the U-M drug plan members,” says Keith Bruhnsen, Benefits Office assistant director and drug plan manager.
U-M’s prescription drug plan has consistently outperformed the national average, saving nearly $72 million since the university implemented the current self-insured plan model in 2003. Monitoring the plan and selecting vendors to provide the best coverage at the lowest cost contributes to the savings for plan members and the university.
In September U-M Prescription Drug Plan members will receive a welcome packet from MedImpact at their home address with two ID cards. After Oct. 1, when plan members go to the pharmacy to fill a new prescription or request a refill they will need to show their new MedImpact ID card to the pharmacist to verify their participation in the U-M plan. The MedImpact website and dedicated phone number for U-M drug plan members will be available in late September.
For more information on the U-M Prescription Drug Plan, visit the Benefits Office website at benefits.umich.edu/plans/drugs.
The University of Michigan in its sole discretion may modify, amend, or terminate the benefits provided with respect to any individual receiving benefits, including active employees, retirees, and their dependents. Although the university has elected to provide these benefits this year, no individual has a vested right to any of the benefits provided. Nothing in these materials gives any individual the right to continued benefits beyond the time the university modifies, amends, or terminates the benefit. Anyone seeking or accepting any of the benefits provided will be deemed to have accepted the terms of the benefits programs and the university's right to modify, amend or terminate them.