The SilverScript Insurance Company is part of the CVS family. Two Caremark Part D Plans are available from the Silverscript Insurance company; CVS Caremark Value PDP and Caremark Plus PDP. Both plans are designed for a specific type of member.
The Caremark Plus PDP is for those People on Medicare who regularly use prescription drugs and the CVS Caremark Value PDP is for those who do not. Both CVS Caremark Part D Plans are available in all 50 States, although the monthly premium will vary by location.
CVS Caremark Value benefits
The CVS Caremark Value Part D Plan is touted has having great coverage and low premiums. The plan offers a standard four tier formulary with generic drugs available for only $5. A mail order option is available for those people who would like that convenience. A $320 annual deductible is required before lower cost-sharing features begin.
Even though this plan is branded as a CVS plan, there is not an additional benefit to stay within the CVS family of pharmacies. This plan has a basic formulary that is designed for the person who takes occasional prescription medications but would like peace of mind if their medication requirements change. Here are some sample premiums for the CVS Caremark Value Plan to get an idea how 2011 monthly premiums can vary from State-to-State:
- Monthly premium in Florida: $41.90
- Monthly premium in California: $46.90
- Monthly premium in Texas: $28.40
- Monthly premium in Arizona: $25.70
- Monthly premium in Illinois: $30.80
CVS Caremark Plus benefits
The CVS Caremark Plus Part D Plan is designed for Medicare beneficiaries who regularly take prescription medications. The plan offers a $0 deductible to keep costs lower as well a a five tier formulary. Because this plan has an expanded formulary as as well as no deductible the monthly premium will be higher than the Caremark value plan.
The CVS Caremark Plus PDP also includes an incentive to use preferred pharmacies. Preferred pharmacies include approximately 7000 CVS/Pharmacy and Longs Drugs locations. More than 320 value generic drugs are available at preferred pharmacies for a$2 copayment. These sample premiums reflect the expanded formulary and lack of deductible:
- Monthly premium in Florida: $66.40
- Monthly premium in California: $ 63.40
- Monthly premium in Texas: $79.10
- Monthly premium in Arizona: $76.90
- Monthly premium in Illinois: $76.50
Caremark ExtraCare Health Program
When you join one of the CVS Caremark Part D Plans you also receive some additional discounts on CVS/Pharmacy brand health-related products. The Caremark ExtraCare Health Program affords members a 20% discount on qualified products.
This program is not offered or guaranteed under the Part D contract with Medicare and is not subject to the Medicare appeals process. It is merely an extra benefit of becoming a CVS Caremark Part D member.
If you are considering a CVS Caremark Part D Plan, start by assessing your personal situation, including health and budget. Review the 2011 Part D formularies to ensure that your medication are covered. Next, decide if you require the expanded formulary of the Caremark Plus Plan and whether not having a deductible is worth the higher monthly premium. Both plans offer value, but it’s important to choose the one right for you.