CVS Caremark Value Prescription Plan for Mississippi Medicare Beneficiaries

CVS Caremark Value (PDP) Prescription Medication Plan by SilverScript Insurance Company for Mississippi Seniors with Medicare Benefits.
Overall Plan Rating:This Medicare drug plan has an average rating of 3.0
Monthly Premium:
$34.10
Pharmacy Co-Pay:$325.00
Coverage Limit (ICL):$2,970.00
Pharmacy Mail Order:Yes
Gap Coverage:No Gap Coverage
Low Income Subsidy:Yes
Medicare Formulary:2837
PDP ID No:S5601-040
Plan Year:2013
Approved by CMS for: MS Residents
Rx Plan Type:National
Est. Regional Members:7481
THIS IS ARCHIVE DATA, NOT A CURRENT YEAR PAGE.

2013 Medicare Prescription Medication Plan Overview

Healthy Mississippi Medicare Part D Plan: CVS Caremark Value (PDP) S5601-040CVS Caremark Value (PDP) is an approved Medicare Prescription Drug Plan (Part D) for Mississippi seniors.

The annual premium is $409.20 ($34.10 monthly), and it carries a $325.00 deductible on all prescribed medications. For 2013, the maximum Part D deductible is $325. It goes up a little each year. It went up $5 from last year.

The SilverScript Insurance Company formulary ID for this plan is 00012289, and it features 2837 FDA approved medications.

For all Mississippi seniors with Medicare benefits, there are two conditions that can change the amount you pay for your plan. The first is quailfying for the Extra Help program, which lowers your premium. The second is the opposite: if a premium penalty has been imposed on you for not enrolling right away at age 65 open enrollment, then your premium will be marginally higher.

Below are a few plans that are comparable to CVS Caremark Value:

CVS Caremark Value Initial Coverage

In the ICP (Initial Coverage Phase) the cost of your prescriptions is shared with your insurance company. You and the carrier each pay your share (as determined by the plan) until you reach the Initial Coverage Limit (ICL). In 2013, the ICL is $2,970 and this number changes each year. This plan has a deductible that you must pay before ICP cost-sharing ICP begins.

Each prescription medication is put into a tier within each Medicare Part D plan's drug formulary. Different tiers have different levels of cost-sharing. It's important to note that these tiers are not completely standardiszed and your prescriptions may be found in different tiers on differnt plans. This is why we provide access to all Part D plans' drug formularies, so you can compare what the cost is for your prescription drugs for different Part D plasn in your area.

The pharmacy co-pay with the CVS Caremark Value (PDP) plan in Mississippi is tiered as follows:

Tier  Co-Pay AmountMedications in Tier
1$4.501794 Preferred Generics
2$45.00704 Non-Preferred Generics
3$95.0096 Preferred Brands
425%243 Non-Preferred Brands
50 Specialty Medications

The Initial Coverage Limit (ICL) is $2,970.00. This drug plan offers the full LIS benefit ($0.00 monthly premium) for seniors with Medicare benefits.

CVS Caremark Value (PDP) 2013 Coverage Gap

The Coverage Gap (aka, "Donut Hole") is the coverage phase where you must pay all of your medication costs. Some plans provide donut hole coverage, and if you think that your drug costs will be high enough to get to this level, you should consider a plan with donut hole coverage. You can learn more about costs in the donut hole by reading What is the Medicare Part D Donut Hole? How long it will take you to reach the donut hole with the CVS Caremark Value (PDP) plan depends on your specific prescriptions.

The Gap Coverage with this policy: You must pay the $3727.50.

Plan Members

Nationwide, the number of seniors using the CVS Caremark Value policy is 1,333,781. In region 20 (your region) there are approximately 7,481 people with this policy (based on 2011 CMS statistics).

More Information 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.

The summary (overall) rating for this plan is 3.0 out of 5 based on reviews from 7481 user ratings from the previous year. For more information about the review process, visit http://cms.gov.

Mississippi Medicare Part D Plans

 
MedicareBenefits.us is not associated with the federal government. All plan information provided on this site is collected from public sources (e.g., cms.gov, carrier's website, plan brochures, etc.). Rates shown are for comparison purpose only. Contact your Medicare agent or Medicare.gov for a binding quote.