FRANKLIN LAKES, N.J., May 6 /PRNewswire-FirstCall/ -- Medco Health Solutions, Inc. today announced that the State of New Jersey selected its Medicare-approved Preferred Prescription Discount Card to help nearly 81,000 residents enrolled in the State's Pharmaceutical Assistance to the Aged and Disabled (PAAD) program who also qualify for the $600 prescription drug credit under Medicare's Transitional Assistance program.
(Photo: http://www.newscom.com/cgi-bin/prnh/20040503/PHM017 )
By enrolling these New Jersey residents in Medco's Medicare-approved Discount Card, the State anticipates saving nearly $90 million in prescription drug costs based on the fact that these residents can use their $600 credit from Medicare to cover the costs of some of their prescription medications.*
"This contract is a perfect example of how the government, working with the private sector, can create a win-win scenario for everyone," said David B. Snow Jr., Medco chairman, president and CEO. "New Jersey residents automatically enrolled in Medco's discount card will be offered significant savings on most medications and may achieve even greater savings by using generics, when appropriate."
Due to the complex nature of the Medicare discount card program, New Jersey, like several other states, sought to assist its elderly and disabled citizens by conducting a thorough review of Medicare-approved discount card sponsors and selecting only one card to provide quality prescription drug care and savings to this population. Medco was one of six Medicare-approved discount card sponsors operating in New Jersey to submit a proposal to offer the service.
The Medco Preferred Prescription Discount Card offers Medicare beneficiaries savings ranging up to 30 percent or more on virtually all brand and generic prescriptions approved by the Centers for Medicare and Medicaid Services (CMS). The program also offers enrollees access to Medco's clinical expertise, award-winning on-line pharmacy, and network of 48,000 retail pharmacies nationwide.
Medicare beneficiaries can also call Medco's Customer Care center and speak with a customer service representative about the program, and ways to maximize cost savings. Medicare beneficiaries can also speak with one of Medco's 1,800 highly skilled pharmacists about their medications.
The contract with the State of New Jersey will be in effect for 18 months, which is the length of the Medicare discount card program.
About Medco
Medco Health Solutions, Inc., a leading pharmacy benefit manager with the nation's largest mail order pharmacy operations, assists its customers to moderate the cost and enhance the quality of prescription drug benefits provided to members nationwide. Its customers include private- and public- sector employers and healthcare organizations. Medco is traded on the New York Stock Exchange under the symbol MHS. 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 which 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.
* Medicare beneficiaries who qualify for Transitional Assistance will
receive two $600 credits, one in 2004 and one in 2005.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20040503/PHM017PRN Photo Desk, photodesk@prnewswire.comMedco Health Solutions, Inc.CONTACT: Ann Smith, +1-201-269-5984, Ann_Smith@medco.com, or JenniferLeone, +1-201-269-6402, Jennifer_Leone@medco.com, both of Medco
Web site: http://www.medco.com/
