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Effective April 1 of 2010, the price for existing generics listed on the Alberta provincial formulary has been reduced to 56% of the brand name cost. This reduced generic price applies for every pharmacy customer.
When new generic drugs enter the market and are added to Alberta's formulary they'll be priced at 45% of the brand name price. Alberta Health and Wellness will permit the existing higher pricing for a 60 day transition period to allow pharmacies to deplete any generic drug inventory purchased before April 1. Pharmacists will be required to charge the lower rate for any inventory purchased after April 1.
Most insurers will be changing their price files to reflect the new generic drug pricing as of June 1, 2010, which is at the end of the 60-day grace period.
Generic drugs that are not on the Alberta formulary, but are covered by private health plans, will not benefit from this new pricing. On average, 80%+ of generic drugs covered by insurers' drug plans are on the AB formulary and will benefit from the reduced generic pricing.
How will this affect plan sponsors? Based on an analysis from Sun Life, in year one the savings from the new generic pricing will be offset by the $3 transitional pharamcy allowance, with savings increasing marginally in years 2 to 3. In the long term, savings from lower generic drug pricing could be about 2% of current prescription drug costs.
Benefits Plans
True Benefits can help you find the best employee benefits plan.
We have access to over 25 insurers, including the Chamber of Commerce Group Benefits Plan.
Life Insurance Rates
Here are monthly Term 10 Life Insurance rates for a healthy, non-smoker as of March 2012:
| Women | |||
| $250,000 | $500,000 | $750,000 | |
| Age 25 | $12 | $18 | $24 |
| Age 35 | $14 | $22 | $30 |
| Age 45 | $22 | $35 | $51 |
| Age 55 | $52 | $88 | $130 |
| Men | |||
| $250,000 | $500,000 | $750,000 | |
| Age 25 | $18 | $28 | $39 |
| Age 35 | $19 | $29 | $42 |
| Age 45 | $30 | $53 | $78 |
| Age 55 | $72 | $135 | $201 |
For a free personalized insurance quote, click here.
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"True Benefits has totally met our needs. Rachel gives personalized attention, and is very thorough. She has suggested many good ideas that we have used to benefit our employees."
"I have referred many clients to Rachel in the past, and without exception, they have all commented to me on her professionalism, vast industry knowledge, great service, and fast response time."
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"True Benefits has an understanding and awareness of the importance of an effective benefits program. They're proactive in looking for cost effective improvements to plan design and cost containment strategies. My expectations were exceeded - Rachel delivered as promised in a timely manner."
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I used True Benefits to sort through a tricky health insurance issue related to immigration status and an expired work permit. Rachel recommended a cost effective solution and quickly verified the policy was the best choice for my situation. My new health coverage was effective within 2 hours of my initial call to Rachel! I highly recommend working with Rachel at True Benefits for cost effective solutions and friendly and efficient service.
Your attention to detail and willingness to never to never take "no" for an answer on my behalf left me in awe of your business ethics.
I will continue to use your services, based on your work ethic and my ability to trust that the policy you are suggesting is perfect for me.
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