During Wednesday’s federal mediation session, Osco management gave the Teamsters Local 727 Bargaining Committee a presentation with slides explaining that the company views its health care costs as part of a total compensation package in order to be competitive with CVS and Walgreens.
However, the union found that Osco’s presentation was incomplete and did not accurately represent the three companies’ total compensation packages. In response, the union created a chart to compare the total compensation – including wages, health care, retirement, stock options and discounts – for Osco, CVS and Walgreens pharmacists under their current contracts.
A few notes about the union’s total compensation comparison chart:
- CVS pharmacists have enjoyed a dollar-for-dollar 401(k) match up to 5 percent since they joined the Teamsters Union.
- Osco used to offer pharmacists stock options.
- Osco cut employee store discounts during the last contract term.
- All of CVS’s health care plans include 80 percent coverage; only two Osco plans have 80 percent coverage.
- CVS does not have a wellness qualifier to receive reduced premium rates, and CVS pharmacists can choose a less expensive plan without an increase to co-insurance. Osco pharmacists have a wellness qualifier to receive reduced premium rates, and if they choose a less expensive plan, it comes with a 10 percent increase in co-insurance.
- Osco’s HRA and PPO plans have co-pays for emergency room and in-patient hospital visits.
- CVS pharmacists receive 100 percent coverage for preventative and non-preventative treatment at CVS Minute Clinics.
- Some of CVS’s plans have lower in-network deductibles and out-of-pocket maximums than some of Osco’s plans.
- CVS provides greater HSA contributions.