U.S. Markets closed

U.S. lifts sanction on a CVS Caremark Medicare drug plan

Dec 20 (Reuters) - CVS Caremark Corp said on Friday that the Centers for Medicare and Medicaid Services lifted sanctions it had imposed earlier this year on a CVS Medicare drug plan aimed at seniors, allowing the company to resume enrolling members in 2014.

As of Jan. 1, CVS Caremark, a pharmacy benefits manager and drugstore operator, will be able to resume marketing of its SilverScript Medicare Part D plan.

The CMS ban on some Medicare Part D plan activity arose in January after CVS converted to a new enrollment system, which led to service problems, such as an increase in calls and problems in processing claims. In some instances, patient claims could not be processed at pharmacies.

The sanction cost CVS $1.3 billion in sales in 2013, CVS said at its analyst meeting in New York on Wednesday.