Senior Benefits Consultant - Pharmacy

Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

Job Description:
Accountable for the successful design, delivery, financial management, communication and/or administration of one or more of the health & welfare, work/life and retirement programs for the Bank. Independently evaluates existing product or program cost, effectiveness and usage, and designs recommended improvements.

Position Overview:

The Sr. Benefits Consultant will join the Global Benefits team that recently was awarded 2023 Best employers – excellence in Health & Well-being by the Business Group on Health.  This individual will be responsible for executing on the Pharmacy Benefits Strategy and driving all aspects of the design of benefit programs that support the health and wellness of employees and their family members, in the U.S. which may include but not limited to national medical plans for active employees and retirees. 

The Sr. Benefits Consultant must have the ability to independently analyze data, market trends and business needs to evaluate cost effectiveness and implementation of existing programs to design recommended improvements and develop program business cases of new programs.  The role requires subject matter expertise in the design, implementation, and management of pharmacy benefits programs at large employers. Experience managing multiple work products simultaneously, strong communication skills, and ability to identify and work with multiple key stakeholders is critical.

• Benefits Design point of contact for designing, managing and implementing pharmacy benefits

• Manage and oversee all third parties and strategies to ensure program design and business objectives are being met.

• Responsible assessing ongoing regulatory changes and how they impact pharmacy benefit offerings.

• Partner with multiple suppliers and internal partners (Benefits Service Delivery, Life Event Services, Legal, Communications, Finance, Sourcing, HR Reporting teams, HR leaders, etc.) to ensure pharmacy programs are delivered flawlessly to our teammates.

Responsibilities:

• Partner with multiple third-party service providers, platform administrator, Health & Insurance carriers as well as internal partners (Benefits Service Delivery, Life Event Services, Legal, Communications, Finance, Sourcing, HR Reporting teams, HR leaders, etc.) to ensure processes and services are delivered flawlessly to our teammates.

• Evaluate market trends and emerging products and approaches to drive pharmacy benefits.

• Ability to understand, translate and apply data analysis and market trends in the development of business cases to solve existing or emerging opportunities.

• Develop business cases to present to key stakeholders.

• Partner across multiple teams to ensure impacts, compliance requirements, business needs, and employee experience are identified in all program design recommendations.

• Ensure required regulations, and compliance activities being executed.

• Participation with vendor audits, claims reviews, annual meetings, development of business requirement documents and employee engagement approaches.

• Ability to understand, translate and apply changing legal and regulatory environment impacting programs.

Required Qualifications:

• Minimum 7-10 years’ of Health Care Benefits and related Pharmacy experience either through Consulting, Brokerage, Insurance companies or employer. Ideally 3+ years of delivery experience of pharmacy benefits for a large organization.

• Experience with pharmacy market checks, annual audits, and program optimization

• Depth and knowledge of pharmacy benefit i