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Pharmacy Benefits Specialist
Career Insights for Compensation / Benefits Specialist
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Scorecard
Based on Michigan data
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What they do
A Compensation or Benefits Specialist evaluates and works to maintain the pay structure and benefits program at an organization. Analyzes wage and salary data and trends, monitors market conditions; works with benefits vendors, processes benefit claims for employees; monitors government employment regulations. May focus specifically on job classifications and compensation or on benefits programs such as pensions.
$66,152 / year median in Michigan
+3% projected growth
Job Description
- Maintain and manage pharmacy benefit data within partner PBM systems, ensuring accuracy and completeness
- Review health plan designs, claims information, and member data to identify savings opportunities and discrepancies
- Investigate and resolve pharmacy claims issues and benefit processing errors
- Analyze data to uncover missed opportunities that improve member outcomes and reduce costs
- Collaborate with internal teams to implement updates that impact pharmacy savings programs
- Ensure all work is completed in compliance with HIPAA privacy and security requirements Required Qualifications
- Experience working with employer-sponsored health insurance plans, including traditional and High Deductible Health Plans (HDHPs)
- Understanding of pharmacy benefits, formularies, copays, deductibles, and member cost-sharing structures
- Strong computer proficiency, including Microsoft Office, databases, and web-based applications
- Excellent analytical, critical thinking, and problem-solving skills
- Outstanding attention to detail and commitment to accuracy
- Strong written and verbal communication abilities
- Ability to work independently while maintaining high productivity and quality standards
- Must be a non-tobacco user Preferred Qualifications
- Experience working with Pharmacy Benefit Managers (PBMs) or pharmacy benefit administration
- Knowledge of pharmacy claims processing, billing procedures, and medication terminology
- Experience using PBM platforms, benefits administration systems, or claims management software
- Background in employee benefits, insurance operations, or pharmacy services Benefits
- Health Insurance and Health Savings Account (HSA)
- Life Insurance
- SIMPLE Retirement Plan
- Paid Time Off
Job Related Continuing Education Reimbursement Pay:
From $19.00 per hour Expected hours: 40.0 per weekBenefits:
Flexible schedule Health insurance Health savings account Paid time off Retirement planWork Location:
Hybrid remote in Grand Rapids, MI 49546Benefits
- Paid Time Off (PTO)
- Professional Development
- Other Retirement and Savings
- Health Insurance