Over the past year, GLP-1 Weight loss drugs, initially created for diabetes management, have seen an explosive surge in popularity.
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GLP-1 Weight loss Drugs and Employee Coverage
81% of HR decision-makers believe that employees would be interested in GLP-1 weight-loss medications, but only 25% of employers currently provide coverage. According to a survey conducted by Accolade, this number is expected to double within the next year.
GLP-1 Weight loss Drugs, which were initially developed for the treatment of diabetes, have acquired immense popularity in the past year as a potent weight loss and obesity management tool.
According to the survey, three-quarters of HR decision-makers recognise GLP-1 medicines for their positive effects on blood sugar, weight loss, blood pressure, and heart disease risk reduction.
Why should you care about the impact
Employers are eager to offer Ozempic, Wegovy, and other GLP-1 medications for weight loss, but some insurers are reluctant due to cost concerns. Additionally, HR directors encounter obstacles, including a dearth of reliable data.
48% of them feel limited by the lack of information about the broader applications of the drugs, with the majority relying on physicians and reputable medical sources for insight.
Thirty-eight percent worry about the costs associated with GLP-1s, echoing concerns voiced in a recent Virta survey, where 72% of health plan executives expressed concerns about rising costs.
Despite these obstacles, HR decision-makers are amenable to incorporating GLP-1 medications into their employee benefit packages.
They believe that it would enhance employee health and attitudes towards healthcare benefits. Significantly, 79% concur that GLP-1 coverage will improve the long-term health of employees, while 77% believe that it will enhance their health insurance packages.
Of the 25% of companies that already cover weight-loss medications, nearly all intend to continue, demonstrating the balance between financial impact and employee satisfaction.
One-third of respondents reported a significant financial impact, while more than two-thirds reported an increase in enrollment after including these medications.
Adding GLP-1s promises additional benefits, including increased employee satisfaction and wellbeing (75%), increased participation in wellness programs (58%), and advances in other health conditions (57%).
The cost of GLP-1 medications is not the only factor that influences employers’ coverage decisions. Decision-makers in human resources are intently monitoring the increase in demand for these medications, seeking information and weighing their options.
Accolade recommends conducting extensive research involving medical professionals, medical organisations, and a comprehensive, cost-and-benefit-oriented approach to employee health management prior to making this crucial decision.
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The Dominant Trend on The Horizon
GLP-1 weight loss medications, such as Novo Nordisk’s Ozempic and Wegovy, are gaining popularity. Nonetheless, a recent KFF analysis raises concerns in light of growing patient demand and the possibility of Medicare coverage expansion.
If Medicare were to cover these pharmaceuticals, the annual price tag could range between $13.6 and $26.8 billion.
Despite unknown risks, manufacturers such as Novo Nordisk and Eli Lilly are advocating for a change in the law to include these weight-loss drugs under Medicare.
Medicare’s price tag is substantial, particularly when compared to Wegovy, which has an estimated annual net price of $13,600.
Based on a recent publication in the New England Journal of Medicine, it has been determined that the utilisation of Wegovy by a mere 10% of Medicare beneficiaries with obesity could result in a considerable range of annual Medicare costs.
These costs could vary from $13.6 billion, based on a 19% obesity rate derived from traditional Medicare diagnoses in 2021, to $26.8 billion, which is based on a 41.5% obesity rate obtained from survey data specifically targeting adults aged 60 and older.
Increased adoption rates would result in increased Medicare expenditures.
Conclusion: GLP 1 Weight loss Drugs
The increasing interest in GLP-1 weight loss drugs is accompanied by both excitement and monetary concerns. Patients and manufacturers advocate for Medicare coverage, but the potential annual cost of $13.6 to $26.8 billion highlights the magnitude of the impact on the federal program.
As the debate persists, careful consideration of the financial repercussions and risks associated with these medications remains of the utmost importance.
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