CVS drug prices are wrong, and customers can get refunds

>CVS drug prices are wrong, and customers can get refunds The U.S. Federal Trade Commission (FTC) said that because the CVS Caremark drug chain...

The U.S. Federal Trade Commission (FTC) said that because a company under the CVS Caremark drug chain misreported drug prices, it resulted in 13,000 Medicare Parts. D beneficiaries were overcharged for drugs, and the FTC will mail refund checks to these beneficiaries. Rust Consulting Inc., the regulatory arm of the FTC, began mailing checks on Tuesday (September 4). These checks are valid for 60 days from the date of issue and must be cashed within this time. The checks will be mailed to seniors who pay exorbitant drug prices to treat symptoms of epilepsy and breast cancer, among other illnesses, forcing them into what's known as the donut hole, a gap in government insurance programs in which drug costs are not reimbursed. The FTC said these seniors selected their prescription drug plans based on incorrect drug price lists. RxAmerica, a division of CVS, submitted incorrect drug prices, and many Medicare Part D beneficiaries selected their drugs based on those listed prices. In some cases, the prices for these drugs were 10 times higher than the prices submitted by RxAmerica. CVS Caremark said RxAmerica accidentally posted incorrect drug price information on the Medicare website, but the FTC said the incorrect information was also posted on third-party websites. The drugs are sold in stores at CVS and Walgreens. CVS Caremark agreed to pay $5 million in January to resolve the issues. The incorrect prices were published from 2007 to at least November 2008. Consumers with questions about this settlement can call the FTC’s toll-free hotline at 1-888-773-8392. CVS Caremark is headquartered in Woonsocket, Rhode Island. They are one of the largest pharmacy benefit managers in the United States and one of the largest drugstore chains.