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How to predict benefits plan spending for January 2020

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Mike Sullivan | January 29, 2019

Something interesting happened this month as we examined the 2018 experience of two different plan sponsors in two separate geographies with different demographics. The only similarity between the plans is they both have 80,000 or more individual claimants on their drug plan annually.

At the same time last year, we completed a series of predictive analytics on each of these plans. In the first case, we predicted it would see a one per cent decrease in plan spending. That’s not common for a group that’s been growing in terms of plan member population year over year, so it was likely met with some skepticism. As it turns out, plan costs decreased by 3.1 per cent year over year. In........

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