NU Online News Service, Sept. 24, 2003, 6:07 p.m. EDT – Definity Health Corp., Minneapolis, will be working with Medco Health Solutions Inc., Whitehouse Station, N.J., and Evolution Benefits Inc., Avon, Conn., to set up a defined contribution pharmacy benefit program.
An employer that adopts the program will contribute a set amount to each participant’s personal care account each year. Employees can use the cash in the personal care accounts to pay routine pharmacy bills.
Employees who have cash in their accounts at the end of the year can roll the cash over and use the cash to pay pharmacy bills that come along in later years.
Employees who exhaust their personal care account funds and also meet a deductible will qualify for conventional prescription coverage.
Medco Health will supply access to a national retail pharmacy network, home delivery prescription services and customer service call centers.
Evolution Benefits will supply the “Benny Card,” a card that plan participants can use to draw on personal care account funds without first having to file paper claims.