New CVS Health Medicare plans feature $0 deductibles, lower premiums
WOONSOCKET, R.I. — As part of the new Medicare Prescription Drug Plan options for 2016, CVS Health's SilverScript Insurance Company is providing Medicare beneficiaries a choice from two SilverScript plans that offer $0 deductibles, lower premiums than the 2015 SilverScript plans in many states and low co-pays for several frequently prescribed drugs. In addition, the 2016 SilverScript prescription drug insurance plans earned an overall 4-star rating from the Centers for Medicare and Medicaid Services in part for their high quality, clinical outcomes and customer service.
"As part of our commitment to helping people on their path to better health, we simplified and consolidated our Medicare PDP offerings in 2016 to provide comprehensive and even more affordable coverage. In fact, our plan premiums are among the lowest offered among national Part D plans," said Mitch Betses, SVP Medicare Part D Services for CVS Health. "In addition, the recent 4-star rating awarded to us by CMS demonstrates the high level of value and quality of care our SilverScript plans offer, and we remain committed to supporting our members in delivering worry-free coverage as we continue our legacy as one of the first plans available when Medicare Part D began 10 years ago."
SilverScript will provide two Part D plan options in 2016: SilverScript Choice and SilverScript Plus. SilverScript Choice offers comprehensive coverage with low premiums and co-pays, and SilverScript Plus provides additional coverage in the coverage gap (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 2016 plan year.
Both SilverScript PDPs offered in 2016 will feature a $0-deductible, low copays for many drugs and competitive premiums. SilverScript premiums in 30 states are lower than they were in 2015 with premiums in eight of those states below $20, and SilverScript Choice plans have the lowest PDP premium in four states. Additionally, in 2016, SilverScript is introducing a new formulary to keep co-pays low for some frequently prescribed drugs.
Enrollment for the 2016 plan year begins on Oct. 15, 2015 and runs through Dec. 7, 2015.