Wednesday, February 1. 2012
The Consumer Healthcare Products Association released a study that showed the health insurance industry may be saving billions due to over-the-counter drug options.
The study found that OTC drugs save a significant amount of money for the industry - as much as $6 to $7 per every dollar sold, according to "The Value of OTC Medicine to the United States."
In total, this saves approximately $102 billion annually.
In addition, these medicinal options give more than $20 bullion in productivity benefits, as consumers are not taking time out of their days to visit the doctor or participating in other medical-related appointments.
"When you consider that every dollar spent on an OTC medicine saves our system six to seven dollars in avoided cost, it is paramount that our policymakers do all they can to encourage consumer access to OTC medicines for self-treatable conditions." said Scott Melville, president and chief executive officer of CHPA.
For those consumers whose health insurance plans do not cover their medicine, or lack a proper OTC alternative, it could be a smart plan to compare health insurance quotes online to find the plan best suited for them.