SilverScript Insurance Company, a CVS Health Company, Introduces Three Medicare Prescription Drug Plan Options for 2019

Company adds new, enhanced Prescription Drug Plan option to help lower out-of-pocket costs on certain brand name medications

All plans offer comprehensive coverage, featuring $0-deductible for covered drugs in most states, low annual premiums, and $0-copays for some drugs when using CVS Caremark Mail Service Pharmacy

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CVS Health

Oct 01, 2018, 08:30 ET

WOONSOCKET, R.I., Oct. 1, 2018 /PRNewswire/ -- SilverScript Insurance Company, a CVS Health (NYSE: CVS) company, today announced its new Medicare Prescription Drug Plan (PDP) options for 2019. Medicare beneficiaries in the continental U.S. can choose from three SilverScript plans that offer a $0-deductible in 44 states on all five drug tiers. In addition, the company has added SilverScript Allure, a new PDP option for 2019, which offers an enhanced plan design including low copays on many generic drugs as well as lower out-of-pocket costs on many brand name drugs at both retail and by mail through point-of-sale (POS) rebates.

"In an era of rising drugs costs, our goal is to help keep out-of-pocket costs lower for America's seniors. That is why we want to ensure consumers know they have options, and we are providing enhanced choices to meet their individual needs from both a prescription and financial standpoint," said Todd Meek, President, SilverScript Insurance Company, CVS Health. "For 2019, we have low premiums and continued access to a $0-deductible for drugs on all tiers for the majority of SilverScript plans across the country and have added a new plan design option for those beneficiaries looking for lower out-of-pocket costs at the pharmacy counter on certain brand name medications."

SilverScript Choice, SilverScript Plus, and SilverScript Allure
SilverScript Choice is a basic plan that offers comprehensive coverage. Enrolled beneficiaries can benefit from a $0-deductible on all covered drugs in most states and $0-copays for 90-day supplies of Tier 1 drugs nationwide when filled through the CVS Caremark Mail Service Pharmacy. Drug tiers indicate the level of cost-sharing for a covered drug with beneficiaries typically paying lower copays for drugs in lower tiers.

SilverScript Plus is an enhanced plan that provides additional coverage in the Coverage Gap (or Donut Hole). The Plus plan is designed for people who take several medications on a regular basis and are likely to reach the Coverage Gap during the 2019 plan year. Specifically, the SilverScript Plus plan offers $0-copays for 90-day supplies of both Tier 1 and Tier 2 drugs nationwide through the CVS Caremark Mail Service Pharmacy in the Initial Coverage Phase and through the Coverage Gap, which can help keep the member cost-share of these drugs consistent as they transition into and through the Coverage Gap. In addition, SilverScript Plus offers a $0-deductible on all covered drugs. SilverScript Plus beneficiaries can also save on their drug costs by using a preferred pharmacy in a network that includes national leading chains, plus thousands of regional and local independently-owned pharmacies across the country.

SilverScript Allure is an enhanced plan from SilverScript and is a new option for Medicare beneficiaries in 2019. The Allure plan is designed for people who take brand name medications in higher drug tiers. Specifically, SilverScript Allure offers a $0-deductible on all covered drugs, $0-copays for 90-day supplies of Tier 1 drugs when filled by CVS Caremark Mail Service Pharmacy and the same large national pharmacy network as the SilverScript Plus plan. While SilverScript Allure features a higher premium than the other SilverScript plans, it offers beneficiaries lower out-of-pocket costs for their prescription drugs, including copays as low as $1 on a 30-day supply of a Tier 1 drug when filled at a preferred retail pharmacy. The plan also offers reduced costs on many brand name drugs through the application of point-of-sale rebates where a portion of pharmaceutical manufacturer rebates on certain Tier 3, Tier 4, and Tier 5 brand drugs is applied directly to the drug's price when the member purchases the prescription at any retail pharmacy or by mail.

Enrollment during the Medicare Annual Enrollment Period for the 2019 plan year runs from October 15, 2018 through December 7, 2018. Consumers interested in learning more about the SilverScript plan options can visit www.silverscript.com, or call toll-free 1-866-552-6106, 24 hours a day, 7 days a week. TTY users call 1-866-552-6288.

About CVS Health
CVS Health is a pharmacy innovation company helping people on their path to better health. Through its more than 9,800 retail locations, more than 1,100 walk-in medical clinics, a leading pharmacy benefits manager with approximately 94 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year, expanding specialty pharmacy services, and a leading stand-alone Medicare Part D prescription drug plan, the Company enables people, businesses and communities to manage health in more affordable and effective ways. This unique integrated model increases access to quality care, delivers better health outcomes and lowers overall health care costs. Find more information about how CVS Health is shaping the future of health at https://www.cvshealth.com.

SOURCE CVS Health