Caremark to Incent Patient Behaviors with Credit Card Rewards
By Justin McHenry
Would you choose generic drugs over brand-name drugs to earn extra credit card points? Drug plan provider Caremark plans to find out. Caremark and Bank of America announced today the upcoming launch of the Caremark Visa with WorldPoints, a card that gives cardholders reward points for “making beneficial decisions related to their use of prescription medications, including choosing generic and preferred drugs.”
Like other rewards credit cards, the Caremark Visa will offer one point per dollar in card purchases, with points used toward WorldPoints program rewards such as merchandise, gift cards and travel. In addition, Caremark Visa cardholders can earn extra points for a variety of habits that Caremark wishes to encourage. For example, cardholders will earn points for choosing generic drugs or drugs that are “preferred” by the drug plan, for refilling prescriptions via the Caremark Web site or automated phone system, and for updating their Caremark.com profiles with the credit card’s account number.
“We think the new Caremark credit card represents an excellent way for plan sponsors to encourage their members to choose clinically appropriate and cost-effective prescription drugs,” said Mac Crawford, Caremark Chief Executive Officer. “This card program also adds to the extensive array of tools and services that Caremark offers to help consumers take greater responsibility for managing their pharmaceutical costs.”
Caremark Rx, Inc. provides drug benefit services to corporate health plans, managed care organizations, insurance companies and other funded benefit plans. It also provides drug benefits to eligible beneficiaries under the Medicare Part D program. The Caremark Visa will only be offered to those whose health plans are served by Caremark.
