Caremark Cost Saver will be a free service for CVS Caremark enrollees in 2024.
CVS Caremark and GoodRx announced this week the launch of a new collaborative to help lower out-of-pocket drug costs for CVS Caremark members.
Under the Caremark Cost Saver program, set to launch on January 1, 2024, commercially insured plan members will automatically access GoodRx's prescription pricing for lower prices on generic medications.
The amount paid will be applied to plan members' deductible and out-of-pocket thresholds. No action is required by plan members, who can use their existing benefit card at their in-network pharmacy.
"This collaborative prescription discount solution enables us to dynamically shop for the best price on (consumers') behalf," David Joyner, executive vice president, CVS Health and president, CVS Caremark says in a media release. "By lowering out-of-pocket costs for our clients' members, Caremark Cost Saver will help patients afford to take their medicine as directed."
Scott Wagner, Interim CEO of Santa Monica, CA-based GoodRx, says the new programs means that "patients don't have to choose between using their pharmacy benefit or using GoodRx to save on their prescriptions."
"Now they can do both right at the counter so they have confidence they are always paying the lowest available price," he says. "This collaboration can make a meaningful difference for the tens of millions of Americans that CVS Caremark serves."
The collaborative provided no estimates on the potential dollar savings it could generate for consumers.
“Through this program, patients don't have to choose between using their pharmacy benefit or using GoodRx to save on their prescriptions.”
Scott Wagner, Interim CEO, GoodRx
John Commins is a content specialist and online news editor for HealthLeaders, a Simplify Compliance brand.
Photo credit: Columbus,OH/USA July 24,2017: CVS Pharmacy Retail Location. CVS is the Largest Pharmacy Chain in the US. Eric Glenn / Shutterstock
KEY TAKEAWAYS
Under the Caremark Cost Saver program commercially insured plan members will automatically access GoodRx's prescription pricing for lower prices, when available, on generic medications.
The amount paid will be applied to plan members' deductible and out-of-pocket thresholds. No action is required by pan members, who can use their existing benefit card at their in-network pharmacy.