BETHESDA, Md. — Coventry Health Care on Saturday announced that it has partnered with Walgreens, Walmart and Target for 2012 to offer a Medicare prescription drug plan known as First Health Value Plus.
As Coventry’s newest Medicare Prescription Drug Plan, First Health Value Plus is the lowest premium, zero-dollar deductible Part D plan in the United States, the company stated.
First Health Value Plus is built on one of the nation’s broadest preferred pharmacy networks and offers lower member co-payments for prescriptions filled at any one of the almost 14,000 combined Walgreens, Walmart and Target pharmacy locations. The preferred network pharmacy benefit design allows members to receive free Tier 1 formulary prescriptions (most generics and select branded drugs) when filled at any Walgreens, Walmart or Target pharmacy before reaching the coverage gap or “donut hole.” As a result, First Health Value Plus will potentially provide hundreds of dollars in annual savings to Medicare beneficiaries and be a competitive alternative versus the lowest premium stand-alone Part D plan that includes a deductible.
“In these challenging economic times, we believe our new Part D plan brings great value to beneficiaries and the Medicare program by establishing broad access to prescriptions through the most recognized names in the pharmacy and retail business, low monthly premiums, and no deductible, all of which are important to seniors," stated Nancy Cocozza, SVP Medicare at Coventry Health Care.
Also as part of the offering, Coventry will be mailing vouchers to enrolled First Health Value Plus members for health and well-being products, such as multivitamins and calcium tablets, which can be redeemed at any preferred pharmacy. "For the first time, we’ve also included value-added well-being items that are available only through our preferred partners," Cocozza noted.