CVS Caremark Value, FL 2013 PDP

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Summary Rating:This Medicare drug plan has an average rating of 3.0
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

Pharmacist arrangements are unique with every drug plan. Some plans include strict geographic limits, such as state borders, whilst some provide you with nationwide coverage. Should you have an active personal life that consists of frequent traveling, it will benefit you to possess a policy that permits you to utilize drug stores in all states.

Medicare Part D plans have a designated service area. It's the area where the provider does business. To sign up, you need to live in the plan’s provider area. Bear in mind that nearly all providers offer mail-order support. In this way you could have your medications shipped straight to your residence. Your agent will assist you to find a plan that meets what you need, so don’t hesitate to call and inquire.

Each healthcare insurance supplier sets its own rates. Payments for prescription drug plans vary widely, even for similar coverage, as a result it pays to look before you purchase.

Insurance carriers announce new prices along with other premium details each October. Make sure to take a look at and assess rates annually just before open enrollment.

Please remember unless you register for a Medicare Part D insurance policy once you first are eligible, your long term premiums could be higher. This late entry penalty is established by Medicare, not the insurance plan suppliers. Each month you delay subsequent to eligibility you will pay an additional 1% per month permanently.