An OTC Benefit is a great supplemental benefit for Health Plans to offer to their members.
Over-the-Counter medications and products are very popular in the US, with the average US households spending about $338 per year on OTC products. It is estimated that this is approximately 26 trips to a store per year to purchase OTC products. The OTC industry is about $40 billion in size and grew by about 2.8% during 2014. Using OTC products is an affordable treatment option for consumers and the entire US healthcare system because it allows people to self-treat for minor ailments and cuts down on unnecessary medical costs.
Tangible Benefit for Medicare Advantage Members
OTC Benefits popularity with consumers nationwide make this a great selling point for potential members. Members value the Over The Counter Benefit Program and speaking with our customer service representatives.
Potential members will like your Medicare Part C benefit because it supplements what they already spend on OTC products, and helps them to get necessary self care products. It is a tangible benefit for the member that comes directly from their Health Plan, showing that their daily health and wellness is a priority that they are willing to invest in.
Are you interested in finding out more about our OTC Benefit Program? Contact us today!