Retiree Drug Coverage Is Stable Heading Into Medicare Rx, Caremark Says
This article was originally published in The Pink Sheet Daily
Employers have approached Caremark for help in sorting out what the Medicare drug benefit means, but have shown no indication that they will drop retiree coverage, the PBM says. Caremark predicts it will not participate as a stand-alone plan in the benefit, but it is willing to support health plans with administering the pharmacy benefit.
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CMS expects the shift from average wholesale price-based reimbursement to the ASP plus 6% formula to generate savings of $530 mil. to Medicare and $270 mil. to beneficiaries in 2005. The agency expects changes outlined in its proposed rule to bring “transparency and appropriateness” to its payments for Part B drugs.
CMS is declining to predict whether the four retiree health coverage options available to employers and outlined in a Medicare proposed rule issued July 26 will be sufficient to stem the tide of employer dropouts
The private sector is unlikely to offer stand-alone drug insurance plans under Medicare in 2006, Medco CEO David Snow predicted during the Goldman Sachs conference in Laguna Niguel, Calif. June 9