SilverScript Medicare Part D Plans
SilverScript Medicare Part D is a prescription drug program. It’s 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 these plans.
SilverScript Medicare Part D Features
SilverScript plans have several features that make them appealing to a wide range of Medicare enrollees:
- Low monthly premiums
- Competitively priced copays on prescriptions filled at preferred pharmacies
- A network of 65,000 pharmacies nationwide
- Mail delivery option.
How does SilverScript Work
If you are enrolled in Parts A and B, you need a separate Part D prescription drug plan if you want coverage for your prescription medications. They offer 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 it Covers
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 their 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 allows you to receive 90-day supplies of your medications at an additional 16 percent savings through the CVS Caremark Mail Service Pharmacy.
Silver Script Preferred Pharmacy Network
If having an extensive network of pharmacies is your goal, consider Silver Script. They have a preference rate available at CVS, Walmart, Weis, Wegmans, and Drug Mart.
They include over 65k pharmacies. Every state has a $0 deductible on tier 1 and 2 drugs. Further, premiums are below the benchmark in most states.
The deductible that applies to higher tiers varies by region; they go as low as $215 – $435 for the year.
The Silver Script Plus plan includes pharmacies like Publix, Safeway, Kmart, Kroger, Freds, Walmart, CVS, and Albertsons. There is a $0 deductible in all states for all tiers
Also, most generics will cost between $0- $2 a month. Further, this plan includes coverage in the donut hole for tier 1 and 2 drugs.
How Can I Enroll
Anyone who is eligible for Medicare can enroll. 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, use this Part D plan finder tool. If you want to see the most recent formularies, click here.
If you’re looking to compare rates for Medicare Supplement plans, fill out our form to get started.