FRANKLIN LAKES, N.J., Sept. 23 /PRNewswire-FirstCall/ -- Medco Health Solutions, Inc. has received approval from the Centers for Medicare and Medicaid Services (CMS) to offer its Medicare Prescription Drug Plan (PDP) to the more than 42 million(1) Medicare beneficiaries nationwide, the company announced today.
“Our nation has long struggled to provide Medicare beneficiaries with access to affordable medicine, and Medco has worked hard to deliver a solution that represents the largest single step in more than a generation to help alleviate this potential healthcare crisis,” said David B. Snow Jr., Medco chairman, president and CEO. “Today’s announcement means millions of Americans can, for the first time, benefit from our clinical expertise and cost-saving resources, ranging from drug safety reviews specifically tailored for the needs of seniors to the convenience of mail-order pharmacy and around- the-clock access to helpful pharmacists.”
Medco is an approved provider in all 34 Medicare regions, including Alaska and Hawaii. Medco Containment Insurance Company of New York and Medco Containment Life Insurance Company, both subsidiaries of Medco, are the underwriters for Medco’s PDP offerings.
In support of its clients, Medco will serve as the pharmacy benefit manager for its health plan clients’ Medicare PDP and Medicare Advantage prescription drug programs (MA-PD). Medco also will manage the federal tax- free subsidy program for employers meeting the guidelines for the new national prescription drug subsidy, and will offer PDP options for employers looking to offer their Medicare-eligible retirees with a more personalized PDP.
Medco’s individual PDP product, YOURx PLAN(TM) from Medco, will provide Medicare beneficiaries with access to the nation’s largest mail-order pharmacy with more than 2,000 licensed pharmacists, and a network of more than 40,000 retail pharmacies.
Medco plans to offer YOURx PLAN from Medco to Medicare beneficiaries nationwide, and will begin to market its PDP offering beginning Oct. 1, 2005, in accordance with CMS guidelines. Enrollment begins Nov. 15, 2005 with coverage beginning on Jan. 1, 2006.
Beginning Oct. 1, 2005, those interested in learning more about Medco’s individual PDP offering can visit http://www.yourxplan.com, or call toll-free 1-800-758-3605, 8:00 a.m. to 8:00 p.m., ET, Monday through Friday; 8:00 a.m. to 6:00 p.m., ET, Saturday. TTY/TDD users should call 1-800-716-3231.
Founded in 1983, Medco serves the prescription drug needs of more than 55 million Americans, about 7 million of whom are over age 65. Medco also serves more than 1 million consumers through Medicare prescription discount card programs.
About Medco
Medco Health Solutions, Inc. is a leader in managing prescription drug benefit programs that are designed to drive down the cost of pharmacy healthcare for private and public employers, health plans, labor unions and government agencies of all sizes. With its technologically advanced mail-order pharmacies and its award-winning Internet pharmacy, Medco has been recognized for setting new industry benchmarks for pharmacy dispensing quality. Medco serves the needs of patients with complex conditions requiring sophisticated treatment through its specialty pharmacy operation, which became the nation’s largest with the 2005 acquisition of Accredo Health. Medco, the highest-ranked prescription drug benefit manager on Fortune magazine’s list of “America’s Most Admired Companies,” is a Fortune 50 company with 2004 revenues of $35 billion. On the Net: http://www.medco.com.
This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that may cause results to differ materially from those set forth in the statements. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. We undertake no obligation to publicly update any forward- looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this presentation should be evaluated together with the risks and uncertainties that affect our business, particularly those mentioned in the Risk Factors section of the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission.
(1) Congressional Budget Office, July 2004
Medco Health Solutions, Inc.
CONTACT: Investors: Susan Cramer, +1-201-269-6187, susan_cramer@medco.com,or Media: Jennifer Leone, +1-201-269-6402, jennifer_leone@medco.com, bothof Medco
