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PharmaCare
Partners with International Steel Group and United Steelworkers of
America
to Restore Prescription Drug Benefits for Retirees
LINCOLN, R.I., March 9 /PRNewswire/ -- PharmaCare, a
leading pharmacy benefit manager (PBM) and subsidiary of CVS Corporation (NYSE:CVS),
has been chosen by the ISG VEBA Trust to administer the prescription drug
program for thousands of retirees affected by the bankruptcies of four
steel companies.
Over the past three years, during a crisis that
threatened the collapse of the American steel industry, four companies --
LTV Steel, Bethlehem Steel, Acme Metals and Georgetown Steel filed for
bankruptcy. As a result, thousands of retirees and their surviving spouses
lost their healthcare benefits.
ISG acquired the assets of the liquidated companies
and, in a joint effort with the United Steelworkers of America (USWA) in
December 2002, they established a benefit trust fund called a Voluntary
Employees' Beneficiary Association (VEBA) to restore some coverage for
nearly 85,000 retirees, surviving spouses and dependents who had lost
their healthcare benefits.
"We're eager to help these individuals and
families regain affordable access to their prescriptions," said Greg
Weishar, PharmaCare's president and CEO. "ISG and the USWA have
ensured that the retirees are cared for through this important fund and we
look forward to being their partner in delivering quality prescription
drug programs for their eligible members."
Today, the VEBA fund has accumulated sufficient funds
to begin distribution of a prescription drug program. As the designated
provider of pharmacy benefit management services for the VEBA, PharmaCare
will manage the new program for enrolled beneficiaries starting
March
1, 2005
.
Prescription drugs will be offered at a negotiated discount price, and the
program will cover most prescriptions obtained at a participating pharmacy
or through mail service, subject to the maximum benefit amount, annual
deductible and coinsurance.
"PharmaCare was selected based on its competitive
pricing, service capabilities and willingness to work with us to meet our
members' needs," said Tom Duzak, USWA Director of Pensions and
Benefits. "So many families and communities were devastated by this
crisis, and we hope this program will help offset prescription drug costs
and provide an added measure of economic security for retirees and their
families in the wake of these unfortunate circumstances."
The drug benefits plan will target thousands of retired
workers employed by steelmakers whose assets were acquired by ISG.
Beneficiaries include retirees and surviving spouses from USWA bargaining
units that were retired before specified dates and were eligible for
healthcare benefits at that time.
About PharmaCare
PharmaCare is one of the largest pharmaceutical benefit
management companies in the country. PharmaCare helps large employers,
managed care organizations, insurance companies, unions and government
agencies make safe, cost effective drug decisions for over 30 million
Americans. The company's comprehensive PBM services include fully
integrated, state-of-the art mail- service pharmacies and the largest
specialty operation in the country. PharmaCare fills prescriptions at more
than 56,800 retail pharmacies, located in all 50 states, and in nearly
every city. PharmaCare is a wholly owned subsidiary of CVS Corporation (NYSE:CVS).
About ISG-VEBA
The VEBA is a trust fund established under the 2002
collective bargaining agreement between the United Steelworkers of America
(USWA) and International Steel Group, Inc. (ISG) for the benefit of USWA
represented retirees of four companies that had been acquired by ISG: LTV,
Bethlehem Steel, Georgetown Steel and Acme Metal Products.
SOURCE PharmaCare
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