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2012–2013 Open Enrollment: New Prescription Drug Carrier

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March 20, 2012, Volume 58, No. 26

As of July 1, Penn's prescription drug carrier will change from CVS/Caremark to Medco. Medco has a wide network of pharmacies, including CVS, Genuardi's, Giant, HUP pharmacy, Kmart, Pathmark, Rite Aid and Walgreens.

Keep in mind this is a change to the carrier only—your benefit coverage will stay exactly the same. You'll also enjoy several added benefits from our change to Medco:

• Medco will cover more than 35 drugs which CVS/Caremark has recently removed from their preferred drug list. Had we stayed with CVS/Caremark, anyone using those medications would have had to pay 100% of the cost for the prescriptions. This is why Penn decided to make this change. We wanted to continue offering the most comprehensive coverage possible to our faculty and staff.

• If you take a maintenance medication and use the 90-day retail pick-up option, you'll have more choice in where to pick up your prescription. You'll be able to use Rite Aid, Walmart, Kmart and CVS pharmacies—an expansion from the current option of CVS pharmacies only.

• To make the transition as easy as possible, if you currently use the mail order option, your open prescriptions will be automatically transferred to Medco.

While we can't guarantee that you'll pay the exact same price for your prescription as you do now, there should be minimal change in your out-of-pocket cost. Our benefit is a co-insurance, which means you pay a percentage of the prescription cost. Since different carriers negotiate different discounts with pharmaceutical companies, you may see some fluctuation (up or down) in the dollar amount you pay. Our benefit isn't changing—Penn will still pay the same percentage of the cost as now—but the base cost of your prescriptions may change slightly.

All participants covered under Penn's medical plans will receive a Medco ID card in June. However, you cannot use your Medco card until July 1. Continue using your CVS/Caremark card throughout the end of the current plan year (June 30).

For more information, contact Medco at (877) 621-8798.

Related: The Total Reward of Working at Penn

 

Almanac - March 20, 2012, Volume 58, No. 26