The Principal Financial Group® renews its pharmacy benefits contract with CVS Caremark. Through the agreement, CVS Caremark will implement new programs for The Principal®, offering lower drug prices, pharmacy discounts and access to healthcare services through MinuteClinic, a subsidiary of CVS Caremark. All of this adds up to member savings and lower premiums and claims costs for employers.
In the ongoing battle to fight rising healthcare costs, we™re looking at a variety of ways to pass on savings to our customers and their employees. This allows us to have a direct impact on claim cost savings, which we see as a huge victory, said Ray Webster, M.D., M.P.H., chief medical officer for the Principal Financial Group. At the same time we™ve lowered drug costs, we™ve also added new benefits, giving members access to even greater savings and faster access to care.
In addition to lower drug costs, members now have in-network access to MinuteClinic, the largest provider of retail-based health care in the U.S., with more than 500 clinics in 25 states. Most MinuteClinic health care centers are open seven days a week and no appointment is necessary. Clinics are staffed by masters-prepared, board-certified nurse practitioners who specialize in family health care and are trained to diagnose, treat and prescribe medication for common family illnesses.
Members with health coverage from The Principal will also receive a new CVS Caremark ExtraCare Health Card that provides a 20% discount on more than 1,300 regular-priced FSA-eligible, CVS-exclusive products at CVS/pharmacy stores and online at CVS.com. Members have the opportunity to earn rewards and coupons when using the ExtraCare Health Card and can receive special offers tailored to their individual health needs.
We are pleased to continue our relationship with the Principal Financial Group and enable their members to take a proactive approach to managing their health care needs, said Howard McLure, president, CVS Caremark Pharmacy Services. The added services members can now receive provide them with additional opportunities to manage costs while increasing proactive consumer engagement in their health care.
These services are available at no additional cost. For more information about health coverage from The Principal, visit www.principal.com.
About the Principal Financial Group
The Principal Financial Group® (The Principal ®)1 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $304.2 billion in assets under management2 and serves some 18.8 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
Insurance products and services issued by Principal Life Insurance Company.
1 “The Principal Financial Group” and The Principal are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
2 As of March 31, 2008
Principal Financial Group
Sonja R. Sorrel, 515-362-2431
sorrel.sonja@principal.com