Principal-Caremark Extend Partnership

July 1, 2008 ( - The Principal Financial Group has renewed its pharmacy benefits contract with CVS Caremark, according to a news release.

CVS Caremark will implement new programs for The Principal that offer lower drug prices, pharmacy discounts, and access to health care services through MinuteClinic, a subsidiary of CVS Caremark.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, the announcement said.

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 FSA-eligible, CVS-exclusive products at CVS/pharmacy stores and online at

“In the ongoing battle to fight rising health care 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, chief medical officer for the Principal Financial Group, in the release. 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.