CVS Caremark Value, FL 2013 PDP

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Summary Rating:This Medicare drug plan has an average rating of 3.0
Premium:
$27.60
Deductible:$325.00
Initial Coverage Limit:$2,970.00
Mail Order:Yes
Gap Coverage:No Gap Coverage
$0 Premium LIS Benefit:No
Drugs in Formulary:2837
Drug Plan ID:S5601-022
Plan Year:2013
CMS Approved for:FL Residents
Plan Type:National
Members in Region:169781

PDP Plan Highlights

Active Florida Senior, Medicare Part D Plan: CVS Caremark Value (PDP) S5601-022FL CVS Caremark Value (PDP) is a Medicare prescription drug plan underwritten by SilverScript Insurance Company for eligible residents of Florida. The plan is approved by CMS for drug formulary 00012289, which has 2837 FDA approved medications. The monthly premium is $27.60 ($331.20 for a full 12 months) and the pharmacy deductible is $325.00 per year. The highest deductible allowed by CMS for 2013 is $325.

Florida seniors, be aware that a few different circumstances may decrease or increase your actual premium. Specifically, if you qualify for Extra Help (full or partial), your premium will decrease. On the other hand, if you have a premium penalty, your premium will be slightly more.

CVS Caremark Value Initial Coverage Phase

The Initial Coverage Phase (ICP) is your plan’s cost-sharing phase. During the ICP both you and your insurance provider share the cost of your prescription medications. This plan has a deductible, so your ICP does not start until the deductible has been paid.

Each medication is put into a tier within the plan’s formulary. This is simply a way for the insurer to manage cost-sharing. It’s important to note that every plan can put medications on any tier they deem suitable. This is not standardized, because it is based on cost and the various risk models used by the insurers.

The tiered prescription cost sharing (e.g., pharmacy co-pay) in Florida with this plan is as follows:

Tier  Co-Pay AmountMedications in Tier
1$6.001794 Preferred Generics
2$45.00704 Non-Preferred Generics
3$95.0096 Preferred Brand Drugs
425%243 Non-Preferred Brand Drugs
50 Specialty Drugs

The 2012 Initial Coverage Limit with CVS Caremark Value is $2,970.00. This drug plan doesn't qualify for a no cost LIS premium.

Coverage Gap Phase

The Coverage Gap, also known as the Donut Hole is the phase of your Part D plan where you must pay all of your medication costs. Healthcare Reform offers some additional assistance. For 2012 your insurance carrier will pay 7% of your generic drug prescription costs for you while you are in the donut hole. Likewise, the brand-name drug pharmaceutical companies cover half (50%) of your brand-name drug prescription costs. These subsidies count toward your True Out of Pocket (TrOOP) costs.

Some Medicare Part D plans provide additional Coverage Gap assistance that covers you above and beyond the discounts mandated by the Healthcare Reform Act. It’s important to note that if you have prescriptions that are not covered under your plan’s Gap Coverage, you will still get the generic and brand name drug discounts listed above, even if the plan itself does not offer gap coverage.

Here's how the carrier defines the 'donut hole' gap coverage for this policy: You must pay the $3727.50.

Plan Members

The number of Medicare recipients using the CVS Caremark Value plan nationally is 1,333,781. In your area (CMS PDP region 11) there are a reported 169,781 seniors on this plan. That's based on the previous year's reporting information.

Facts About SilverScript Insurance Company

Headquartered in Nashville, TN, SilverScript Insurance Company is a Medicare Prescription Drug Plan that contracts with Medicare and provides prescription drug plans in all 50 states and including the District of Columbia. SilverScript is a subsidiary of CVS Caremark. They offer two prescription drug plans: CVS Caremark Value and CVS Caremark Plus.

Essential Information About Medicare Part D

Pharmacy contracts are different with every drug plan. Certain plans contain stringent regional limitations, that include state boundaries, while some give nationwide coverage. Should you have an active lifestyle which often includes frequent traveling, it may help you to possess a policy that enables you to use pharmacies in all states.

Medicare Part D plans use a designated service area. It's the area in which the provider operates. To sign up, you must live in the plan’s services area. Remember that many providers offer mail-order support. In this way you can have your prescription medications sent directly to your house. Your advisor will assist you to find a plan that suits what you need, so don’t hesitate to phone and inquire.

Each health insurance company establishes their own rates. Prices for doctor prescribed drug plans vary quite a bit, even to get comparable coverage, as a result it pays to look before you purchase.

Insurance providers publicize new rates along with other premium information each October. You'll want to take a look at and evaluate premiums every year just before open enrollment.

Be aware that if you do not sign up for a Medicare Part D insurance plan once you first are eligible, your future monthly premiums will likely be higher. This late entry consequence is established by Medicare, not the insurance plan companies. Every month you postpone subsequent to eligibility you will pay an additional 1% per month permanently.