The Role of Pharmacy Benefit Managers in Your Insurance Plan

The Role of Pharmacy Benefit Managers in Your Insurance Plan

December 23, 2020

    Pharmacy Benefit Managers, or PBMS, are a major component of modern healthcare. These companies work with insurers to negotiate drug spending and access, saving patients money through rebates and discounts. Though Pharmacy Benefit Managers are key components in America's medical framework, not all PBMs are as transparent as they could be, and it's important to know that not all PBMs are created equal.

    • PBMs create lists of covered medications for insurers. This affects available drugs and informs out-of-pocket expenses.
    • PBMs work directly with drug manufacturers to establish rebates, discounts, and more.
    • PBMs reimburse individual pharmacies when a beneficiary picks up a prescription.

    A lot goes into finding the right PBM for your needs, especially when developing a self-funded plan. Working with a seasoned insurance professional is crucial.

    BHS Insurance Agency helps employers find the right match for your needs. Our experts give a rounded explanation of each PBMs policies, advantages, and focal areas. Learn more about Pharmacy Benefit Managers by contacting us at 616-531-1900, or click below.