First Stand-Alone Medicare Rx Drug Plan OK’d in State
The Department of Managed Health Care has licensed Envision Insurance as a stand-alone Medicare prescription drug coverage plan in California, the Sacramento Business Journal reports. The El Dorado Hills-based company is the first in the nation to receive such a license from California.
The license was granted Dec. 31 under the Knox-Keene Health Care Service Plan Act of 1975. The license is one of the hardest to obtain due to strict financial and operational rules, according to the Business Journal.
Envision Insurance is a subsidiary of Envision Pharmaceutical Services. The company has more than three million members.
Lynn Randolph, DMHC spokesperson, said approval is pending for a second plan -- Nashville-based SilverScript Insurance, a subsidiary of CVS Caremark (Robertson, Sacramento Business Journal, 1/7).