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PBM Guides
Plain-English explainers on how pharmacy benefits really work, written for employers, HR leaders and benefits advisors.
All guides
Guide
What Is PBM Spread Pricing? A Plain-English Guide for Employers
How spread pricing works, why plan sponsors rarely see it, and the contract terms that make it visible.
Guide
Pass-Through PBM vs. Traditional PBM: What Employers Should Know
How pass-through pricing and full rebate pass-through change the economics of your pharmacy benefit.
Guide
ERISA Fiduciary Duty and Your Pharmacy Benefit
Why employers who sponsor self-funded health plans are fiduciaries, and what prudent PBM oversight looks like.
Guide
CAA 2026 PBM Reform: What Employers and Brokers Need to Know
The PBM provisions in the Consolidated Appropriations Act, 2026, what they require, and when they take effect.