SilverScript Insurance Company, a CVS Health (NYSE: CVS) company, today announced the company's new Medicare Prescription Drug Plan (PDP) options for 2016. Medicare beneficiaries can choose 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 (CMS) 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, senior vice president, 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. In fact, 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. Members can access a convenient nationwide network consisting of a wide selection of pharmacies across the country including many large national and regional chains, many independent, community-based pharmacies, and the CVS/caremark mail service pharmacy. Additionally, in 2016, SilverScript is introducing a new formulary to keep co-pays low for some frequently prescribed drugs.
SilverScript recently received a 4-star performance rating from CMS for delivering value, clinical outcomes and customer service. SilverScript plans showed high levels of performance across several areas, including operational and customer service advancements, and industry-leading medication adherence programs. CMS annually evaluates and rates performance of private prescription drug plans based on quality, value and service measures. Plans are scored on a scale of one to five, with five stars being the highest achievable rating.
"We are proud to have achieved a 4-star rating from CMS, and we are focused on continually improving our performance and the quality of the service we deliver," added Betses. "As an objective tool, the CMS Star Ratings system is a helpful way for Part D eligible consumers who are making annual coverage elections to easily identify which prescription drug plans will offer high quality service and value and be assured of industry-leading coverage."
Enrollment for the 2016 plan year begins on October 15, 2015 and runs through December 7, 2015.
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