May 26, 2022
Public School Employees' Retirement System’s
PA PSERS Prescription Drug Plan Earns National Award
Healthcare nonprofit recognizes PSERS for consumer health and safety track record
HARRISBURG – The prescription drug program operated by the Pennsylvania Public School Employees’ Retirement System (PSERS) has received a consumer health and safety award from a leading national healthcare nonprofit.
PSERS Health Options Program (HOP) Prescription Drug Plan earned the Pharmacy Quality Alliance’s Laura Cranston Excellence in Quality Award. The alliance, founded in 2006 and based in Alexandria, Virg., seeks to set national prescription medication safety and use standards in partnership with the federal the Centers for Medicare and Medicaid Services (CMS).
For a dozen years, the alliance, known as PQA, has issued the award, which is named after the alliance former chief executive officer and is based on CMS’ quality control healthcare rating system. The alliance bestowed this year’s honor on 25 (2.9%) of the 850 Medicare Part D plan contracts in the CMS system. The alliance’s award comes after PSERS HOP program earned CMS’s highest consumer rating, 5 Stars, in fall 2021.
“The safe and effective use of medications is a high priority for care providers and the Medicare Part D program,” alliance Chief Executive Officer Micah Cost said in a statement. “These awards are a tangible recognition of their commitment to excellence and dedication to providing high-quality care for their Medicare members.
”Since 1994, PSERS retirees and their eligible dependents have had the option to join HOP, which is financed solely by eligible participants’ paid premiums. Since then, the program has grown to about 123,350 participants.
“The alliance’s award is a testament to what PSERS retirees have always known: HOP is worth the voluntary price because we strive for top quality, safety and customer service every day,” said Peter P. Camacci Jr., director of PSERS Health Insurance Office.
About PSERS Health Options Program
PSERS HOP Prescription Drug Plan is a voluntary, exclusive benefit for our retirees and their families. PSERS HOP Drug Program is fully funded through participating member premiums and provides coverage to over 96,000 retirees. As of this writing, HOP enrollment has more than 123,000 covered lives offering medical, prescription drug, dental and vision coverage & fitness program.
About the Pennsylvania Public School Employees' Retirement System
PSERS, founded in 1917, began operations in 1919 to oversee a statewide defined benefit pension plan for public school employees. PSERS' role expanded upon the passage of Act 5 of 2017 to include oversight of two new hybrid options consisting of defined benefit and defined contribution (DC) components and a stand-alone DC plan. As of Dec. 31, 2021, PSERS had net assets of $75.1 billion and a membership of about 248,000 active, 242,000 retired school employees and 26,000 vested inactive members.