Drug manufacturers often give insurance companies discounts on prescription drugs, but what happens to the savings has not been clear.
Beginning in 2019, Aetna will automatically apply these rebates at the time of sale for its commercial fully insured plan members.
The change will mostly benefit those with high-deductible health insurance plans, who have to pay the full price for a prescription before insurance kicks in.
Mark Bertolini, Aetna chairman and CEO said in a statement:
We have always believed that consumers should benefit from discounts and rebates that we negotiate with drug manufacturers. Going forward, we hope this additional transparency will encourage these companies to rationalize their pricing and end the practice of annual double-digit price increases.
UnitedHealthcare announced in early March it would take similar steps in passing along savings it gets on prescriptions straight to the consumers who buy them. Read the story in The Hill.