Yes, CVS Caremark, through its affiliated company SilverScript® Insurance Company, offers Medicare Part D prescription drug plans. These plans are designed to help Medicare beneficiaries manage the costs of their prescription medications.
Caremark, as part of the larger CVS Caremark enterprise, is intricately involved in the landscape of prescription benefit management. While Caremark itself focuses on managing pharmacy benefits for various health plans, employers, and government programs, its direct connection to SilverScript allows for the provision of specific Medicare Part D coverage.
Key Aspects of Medicare Part D Plans Affiliated with CVS Caremark:
- Provider of Plans: The actual Medicare Part D plans are issued by SilverScript Insurance Company, which is an affiliate of CVS Caremark. This affiliation ensures that the plans leverage the extensive resources and expertise of the CVS Caremark network in managing prescription drug benefits.
- Drug Payment Stages: All Medicare Part D plans, including those offered through SilverScript, are structured with distinct drug payment stages. Your out-of-pocket costs for medications can vary significantly depending on which stage you are in at any given time during the plan year. These stages typically include:
- Deductible: An initial amount you pay for prescriptions before your plan starts to pay.
- Initial Coverage: After meeting the deductible, you pay a copayment or coinsurance for your drugs, and the plan pays the rest, up to a certain limit.
- Coverage Gap (Donut Hole): A temporary limit on what the plan will cover for drugs. You pay a higher percentage of the cost during this stage.
- Catastrophic Coverage: After reaching a certain out-of-pocket threshold, your plan pays almost all of your drug costs for the remainder of the year.
- Access to Information: Detailed information about your specific Medicare Part D plan, including an explanation of the four drug payment stages and how they impact your costs, is provided in your Explanation of Benefits (EOB) statements and other official plan materials.
The affiliation between CVS Caremark and SilverScript ensures that beneficiaries can access comprehensive prescription drug coverage options under Medicare Part D, managed by an entity with deep experience in pharmacy benefits.
