CVS Now Accepts Medicare Part B Assignment for Diabetes Testing Products; CVS 1st National Pharmacy Retailer to Accept Coverage for All Products.
CVS customers purchasing diabetic testing supplies covered under Medicare Part B will no longer have to assume the entire out-of-pocket cost for these supplies while waiting for reimbursement from Medicare. This decision also makes CVS the only national pharmacy retailer to accept Medicare assignment for all diabetic testing supplies.
"CVS will now bill Medicare directly for diabetes testing supplies so there will be little out-of-pocket cost to Medicare insured customers, as they will no longer have to wait for their money from Medicare and their lives will be easier because they won't have to fill-out complicated reimbursement forms," said Jim Smith, R.Ph., Senior Vice President of Health Care Services.
CVS acceptance of Medicare Part B for testing supplies also is an improvement over diabetes supply mail order services. "With CVS, you don't have to wait for your supplies or worry when they run out," said Smith.
When a pharmacy is unwilling to accept Medicare Part B Assignment for diabetes testing supplies, customers must pay 100% of the cost for the supplies, fill out forms and submit the forms via mail to Medicare for reimbursement and wait to receive their reimbursement check for 80% of their costs (the remaining 20% represents the customer's co pay). And while some pharmacies accept Medicare Part B assignment, they do not accept assignment for all diabetes testing supplies.
"We are the first and the only national pharmacy retailer to accept assignment for all diabetes testing supplies. When it comes to helping our Medicare-eligible diabetic customers, CVS is the easiest pharmacy in America for customers to use," said Smith.
CVS customers who purchase diabetes testing supplies spend on average over $2,200 per year on these supplies, which include: lancets, testing strips, blood glucose meters and alcohol swabs.
Celebrating 40 years of dynamic growth in the retail pharmacy industry, CVS is committed to being the easiest pharmacy retailer for customers to use. With approximately 4,100 stores in 32 states and the District of Columbia, CVS has also created innovative approaches to serve the healthcare needs of all its customers through its online pharmacy, CVS.com and its pharmacy benefit management and specialty pharmacy subsidiary, PharmaCare Management Services. General information about CVS is available through the Investor Relations portion of the Company's website, at http://investor.cvs.com/.
Contact: CVS Corporation Todd Andrews Director of Corporate Communications (401) 770-5717
CONTACT: Todd Andrews, Director of Corporate Communications, CVS Corporation, +1-401-770-5717
Web site: http://www.cvs.com/
|Printer friendly Cite/link Email Feedback|
|Date:||Dec 10, 2003|
|Previous Article:||Rhys Lewis of Volantis Chosen to Spearhead W3C Device Independent Working Group.|
|Next Article:||Borders Books & Music(R) In Los Angeles Hosts Exclusive Madonna In-Store Appearance; Madonna Reads to 30 Children In Westwood Borders Store.|