Carriers To Join Medicare Part D Program

Universal American, a company with a strong Medicare supplement insurance operation, is teaming up with PharmaCare Management Services Inc., a pharmacy benefit manager owned by CVS Corp., Woonsocket, R.I., a giant drug store chain.

Universal American and PharmaCare have filed for permission to offer Part D drug plans in at least 21 regions in 29 states, Universal American says.

If Medicare officials accept the application, CVS would market the Universal American/CVS program through the 5,400 CVS drug stores, Universal American says.

The deadline for initial Part D participation applications was Wednesday. Applicants that are found to be qualified to participate in the Part D program must submit plan bids by June 6, and Medicare officials hope to award contracts by early September, Universal American says.