SilverScript Medicare Part D is a Medicare prescription drug program. SilverScript is part of the CVS heath family, one of the nation’s largest providers of Medicare Part D coverage. More than 5 million people have prescription insurance through SilverScript plans.
SilverScript Medicare Part D Features
SilverScript Part D plans have several features that make them appealing to a wide range of Medicare enrollees:
- Low monthly premiumsCompetitively priced copays on prescriptions filled at preferred pharmacies
- A network of 65,000 pharmacies nationwide
- Mail delivery option
In addition, SilverScript has customer service representatives available 24 hours a day.
How does SilverScript Work
If you are enrolled in Original Medicare Parts A and B, you need a separate Part D prescription drug plan if you want coverage for your prescription medications. SilverScript offers two plans to meet this need: SilverScript Choice and SilverScript Plus.
Both plans offer many of the same benefits:
- A $0 deductible. This means that in most states, there’s no spending threshold to meet before the plan begins paying you benefits. This can save you as much as $405 a year over competing plans.
- You pay up to 50% less in copays when you use preferred network pharmacies.
- Savings of 16 percent on 90-day prescriptions filled at preferred pharmacies or through mail order.
SilverScript Plus offers an additional benefit not available with SilverScript Choice: It provides additional copay coverage for the Medicare coverage gap, or “donut hole.” After you spend a certain amount on prescriptions in a year, you hit the coverage gap, and Medicare requires you to pay a greater share of your prescription drug costs. SilverScript Plus may save you money if you spend a significant amount on prescriptions each year.
What does SilverScript cover
Like all prescription drug plans, SilverScript PDP has a formulary, a list of all the drugs covered under the plan. SilverScript’s formulary is divided into five groups, or tiers, based on the cost you are expected to share. The lowest tier, tier 1, is preferred generic drugs, which SilverScript covers with no copay if you fill a 90-day prescription by mail. The highest tier, Tier 5, includes expensive generic and brand name drugs. You may have a significant co-pay for these drugs, even with SilverScript.
Some drugs are not covered. These include:
- Over the counter drugs
- Weight loss drugs
- Drugs for cosmetic purposes or hair growth
- Drugs for sexual or erectile dysfunction
How does the SilverScript Network of Pharmacies Work
SilverScript has a network of 65,000 pharmacies nationwide for each of its plans. Both networks include all CVS, Walgreens and Walmart pharmacies as well as many local pharmacies. To find out if your pharmacy is part of the SilverScript network, you can use the search tool on SilverScript’s website.
Although you can use any pharmacy in the network, you will pay less in copays and coinsurance if you fill your prescriptions at a “preferred” pharmacy. There are 25,000 preferred pharmacies in the SilverScript Choice Pharmacy Network, and 35,000 in the SilverScript Plus Pharmacy Network.
Both SilverScript Rx plans allow you to receive 90-day supplies of your medications at an additional 16 percent savings through the CVS Caremark Mail Service Pharmacy.
How Can I Enroll in SilverScript Part D
Anyone who is eligible for Medicare can enroll in SilverScript. However, you must sign up during one of the time periods when you are allowed to enroll in a Medicare Part D plan or change from another plan to SilverScript — during your initial enrollment period around your 65th birthday, during annual enrollment in the fall, or anytime you qualify for a special enrollment period.
Although all Medicare Part D plans cover prescription drugs, their benefits, copays, deductibles and covered drugs can vary. To find the plan that is best for you, let MedicareFAQ give you a free quote. We can also help you compare rates on Medicare Supplement plans and other Medicare coverage offered in your area. Just fill out our form to get started.