Prescription Drug Benefits Overview
The Alaska Electrical Health & Welfare Fund uses a four-tier formulary-based prescription plan administered by CVS/Caremark. The cost you pay is determined by which tier your medication falls under. See the Health & Welfare Summary Plan Description (H&W-SPD) for co-payment schedules.
You can fill prescriptions in two convenient ways: either through the Retail Pharmacy program (up to a 30-day supply) or the Mail Services Pharmacy program (up to a 90-day supply):
- Retail Pharmacy Program
- The Plan covers up to a 30-day supply of medication from a retail pharmacy. This benefit is designed for short-term or single use medications. You can find a list of CVS/Caremark pharmacies by searching the website at www.caremark.com, through CVS/Caremark’s smart phone app, or by calling CVS/Caremark customer care at (877) 478-1246.
- Mail Service Pharmacy Program
- The Plan covers up to a 90-day supply of medication from a mail-order pharmacy. This benefit is designed for long-term or maintenance medications. Using Caremark via mail or internet, you may receive a 90-day supply for the price of 60-days!
Filing a Claim
If you forget to use your card, or if you use a non-network pharmacy, you will have to file a paper Prescription Claim Form with Caremark. The Plan’s payment will be based on the negotiated discounted rate. In most cases, the contracted rate will be less than the full retail charge and you will be responsible for paying the difference in costs.
Note: Should you select a brand name medication when a generic is available, your prescription will not be covered by the Plan.