What you should know about CVS benefits

Last updated: February 22, 2024
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What you should know about CVS benefits
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CVS Health owns CVS Pharmacy. CVS Health is a large enterprise that owns the pharmacy benefits manager CVS Caremark, the health insurance provider Aetna, and other health brands.

CVS first began in Lowell, Massachusetts, back in 1963. The company headquarters are now in Woonsocket, Rhode Island. CVS Pharmacy is a large pharmacy retail chain that sells a range of health and wellness products. Customers can collect their prescription drugs and purchase over-the-counter medication.

CVS is one of the largest pharmaceutical corporations in the nation, with over 300,000 employees as of 2022. The company offers many services, including photo printing, walk-in clinics, and home delivery of medications. It also has an online store where customers can order items from the comfort of their homes.

CVS focuses on providing excellent customer service and ensuring that everyone in the communities it serves has access to quality, affordable healthcare products and services. It has been a significant part of the healthcare industry for many years.

Why would you want to work at CVS?

Consumer Value Store (CVS) has over 9,900 retail pharmacy outlets across the U.S. and Puerto Rico. If you're considering applying for a job at CVS, there's likely a position available near you.

CVS is a socially responsible company. CVS values its employees and has a reputation for being inclusive and diverse.

Working full-time at CVS comes with various employee benefits and perks, including a health plan, paid time off, and an employee discount.

There's a range of areas where you could work, including distribution, retail, customer service, beauty, corporate, or pharmacy. And positions can be full-time, part-time, seasonal, or remote. CVS even has internships available for new graduates.

The company regularly hires customer healthcare concierges, call-center staff, pharmacy technicians, cashiers, apprentices, and more.

Some positions are entry-level, so it's an excellent place to start if you want a rewarding career in healthcare.

You can browse CVS jobs to see what roles your closest store is recruiting for.

An overview of CVS benefits for employees

If you’re considering applying for a job at CVS, you may be curious about the types of benefits that you could be eligible for.

Let’s take a look at the health, lifestyle, financial, and career benefits CVS employees can receive:

Health benefits

If you work at CVS and meet the eligibility requirements, you’ll have a choice of several health networks. You can anticipate coverage for general medical, preventive care, and savings on prescription drug costs.

CVS's health plans also include vision, dental, and prescription drugs. Vision coverage helps with eyeglasses and contact lens expenses, while dental coverage includes cleanings, check-ups, fillings, extractions, and other related services.

Some CVS health plans come with different health savings account (HSA) options, each offering a company contribution to help employees save on healthcare expenses. Having an HSA allows you to set aside pre-tax money for costs on both prescriptions and over-the-counter medical items.

The prescription benefits plan provides discounts on generic and brand-name medications and discounted over-the-counter medications. Employees receive discounts on MinuteClinic services, which include walk-in medical care, immunizations, and screenings.

CVS also offers supplemental health plans to employees that cover critical illnesses and hospital indemnity. Essentially, these plans supplement traditional health insurance with extra benefits for specific illnesses and injuries.

Wellness

CVS knows that healthy employees are happy employees. The company offers a range of optional wellness initiatives to help you maintain your mental and physical health.

The Thrive well-being program helps staff reduce their stress levels, improve their focus and mental clarity, and boost their overall health. With how fast-paced and chaotic life can be, this program helps promote healthy everyday habits.

Parental leave

Are you planning on starting a family? CVS offers up to four weeks of paid parental leave for eligible employees.

This benefit is available for both new mothers and fathers so they can get time off to spend with their children after they are born or adopted. Having access to this type of support makes it easier for you to balance your career and family life.

You must work at least 30 hours weekly to get this benefit. You'll also need to work at CVS for at least one year before having access to this type of leave.

Adoption assistance

There are other benefits to help you build your family. CVS offers eligible staff a reimbursement of up to $10,000.

These funds can be used for adoption, surrogacy, or doula expenses, which often add up quickly. It can also help cover legal fees, court costs, or any other related expenses that come with adoption.

Emotional health programs

There’s a digital mental health hub that’s customized to each employee and their families. It’s free, and you can get six counseling sessions per year.

CVS also has other free resources for employees. For example, a mental health text and video chat service are available 24 hours a day.

CVS Health's campaign, Stamp Out Stigma, encourages team members to be comfortable talking about their emotional well-being.

Flexible spending account (FSA)

Did you know you can use your pre-tax dollars for unexpected health expenses? With a flexible spending account, you can set aside some of your income for your healthcare needs.

Similar to an HSA, an FSA allows you to pay for medical and dental expenses tax-free. However, there are some differences between these two types of accounts. For example, an FSA has a cap on the amount you can set aside each year, and it doesn't roll over from one year to the next.

Your health savings account can be for you, your spouse, and dependents in your care. You can also use your FSA for things like co-pays, deductibles, and other out-of-pocket expenses. This is an ideal way for you to save money on healthcare costs and get tax advantages.

Flexibility

CVS Health has a positive workplace culture. There's some flexibility for employees who are looking for a work-life balance.

If you need time off or a schedule change, managers will try to help. Sometimes, changes to the roster won't be possible, so try giving as much notice as possible.

Retirement

To help you be more comfortable when you retire, CVS offers a generous 401(k) plan with a company match.

Depending on your eligibility, you can set aside up to 85% of your pre-tax pay. Or you can use the Roth IRA option and contribute after paying taxes.

Unexpected life events

CVS employees may be entitled to income protection. For example, there are company-paid short-term and long-term disability benefits.

If you have an accident leading to disability, you may be eligible for accident insurance. You'll get up to 60% of your base pay.

You can receive coverage for up to 26 weeks if it’s a short-term injury or up to 24 months if it’s a long-term injury.

You’ll also have access to a basic life insurance policy. You can upgrade to a more comprehensive plan if you want additional coverage.

You may be entitled to paid time off (PTO) depending on hours worked and job type.

You’ll also get three paid days off if someone in your immediate family passes away. And if you get selected for jury duty, CVS will ensure you’re not out-of-pocket.

You can take advantage of paid vacations, holidays, and lunch breaks.

Employee discount

If you work at CVS, you’ll get an employee discount card that you can use at any CVS pharmacy store. You’ll get up to 30% off name-brand products and 20% off everything else.

You’ll also get 20% off when you shop at cvs.com and earn points on every purchase.

Having a career that provides financial stability and time off can help you achieve a healthy work-life balance and make the most of your future. These CVS benefits give you access to a wide range of support, from parental leave to mental health resources.

Unique CVS employee benefits

In addition to the traditional benefits offered by CVS, employees can take advantage of a few more unique perks. These extra employee benefits make working for the company more enticing and ensure each employee has access to resources that can help them live healthier and happier lives.

One significant CVS employee benefit is the CVS ExtraBucks Rewards program. This program allows CVS employees to take advantage of exclusive discounts and rewards for making in-store and online purchases.

The program allows employees to accumulate rewards points that can then be used for discounts on products and services from CVS, such as prescription medications and CVS-branded products.

The company also offers birthday rewards for employees, allowing them to get discounted items and special offers.

CVS offers grants to help employees facing hardship and provides a free flu shot on-site once per year.

Since 2014, CVS has stopped stocking tobacco in its pharmacies. As a company committed to reducing the harm caused by tobacco, CVS supports employees who want to quit smoking and using tobacco with personalized programs.

CVS also offers health screenings, weight-loss programs, and reduced-cost medical checks.

CVS job demand and average pay

The salary for CVS employees varies depending on the job title and location. In the United States, the average salary is $16.09 per hour.

What do different roles look like? If you work as a cashier, the rate ranges from $10.00 to $16.00 per hour. For a retail shift supervisor, it's between $12.00 and $17.00 per hour. For a sales associate, it's between $9.00 and $17.00 per hour.

Inventory specialists make around $16.00 per hour, while customer service representatives make $14.00 per hour.

CVS pharmacy technicians make an average of $15.00 an hour. Once you gain experience, you can get promoted to a lead pharmacy technician position. These team members have an average salary of $18.00 per hour.

To work as a pharmacist, you'll need a college degree. A pharmacist's wage ranges between $50.00 and $65.00 per hour. Pharmacy managers make an average of $65.00 per hour.

The demand for pharmacy technicians is anticipated to grow by 5% through 2031, with approximately 43,500 job openings each year. The need for more prescription drug coverage and an aging population drive this demand.

This is just a snapshot of the many opportunities available at CVS. With an abundance of job openings, competitive salaries, and unique employee benefits, it’s no surprise that so many people have chosen to work for this leading pharmacy chain.

If you're ready to jump-start a new career in retail or pharmacy, CVS is an excellent place to start. Many of the jobs there are entry-level and offer a range of professional development opportunities.

FAQs about CVS benefits

While CVS offers a variety of benefits and resources to employees, it’s important for those interested in working with the company to understand what those benefits are and how they’ll be able to take advantage of them. Here are some frequently asked questions about CVS benefits:

Do part-time employees receive CVS benefits?

Benefits for part-time CVS employees vary between states. However, most part-time employees are eligible to enroll in dental, vision, and supplemental life insurance. Employees can also participate in the company’s 401k plan and take advantage of the employee discount.

The part-time benefits are less extensive than the full-time benefits, but part-time employees still have access to many of the same resources as the full-time ones.

Do employees receive a discount on MinuteClinic?

CVS offers employees a generous discount on their healthcare services at all of the MinuteClinics locations across the country. Employees can get discounted rates on their check-ups, immunizations, lab tests, and biometric screenings.

This discount extends to prescriptions filled at MinuteClinic. This can be a great way for employees to save money on healthcare services.

What is the CVS benefits eligibility timeline?

To be eligible for most CVS benefits, including income protection, you must work at least 30 hours weekly. You'll also need to have been employed by the company for at least 90 days.

To access the 401(k) or Roth IRA retirement plan, you'll need to work for a minimum of 1,000 hours or 12 months. This plan is available to both full-time and part-time employees.

Where to get a CVS job?

CVS is hiring in a range of areas, including retail, pharmacy, beauty, customer care, and distribution.

You can see what jobs are available in your area by browsing CVS Health on our job board. If you want to work from home, select "remote work only" to narrow your search. Create a free account to set up job alerts and connect with community members.

Alternatively, you can head to the CVS careers page on the company's website. You can search for jobs by position type and location.

You can check out our CVS application guide for more information on how to apply.

What is the Colleague Stock Purchase Plan?

The CVS Colleague Stock Purchase Plan allows eligible employees to buy CVS Health Corp. stock shares through payroll deductions. The company matches all employee contributions up to a certain percentage and offers a 10% discount on purchase prices.

The plan also allows employees to make after-tax contributions and buy stock in the company at a discounted rate.

A breakdown of CVS employee benefits

If you're looking for a new job, consider applying at CVS. As a large pharmacy retailer, you can access different benefits and career opportunities.

There is a wide range of benefits you may be eligible for. There are wellness benefits, such as health insurance plans and prescription drug coverage.

Plus, there are lifestyle benefits, including parental leave and flexible scheduling. CVS also offers financial benefits, such as paid time off (PTO) and a 401(k) retirement plan.

There are also career benefits, including work experience and tuition reimbursement.

Are you ready for a new challenge? Browse our job board to find positions near you. Remember to visit our resource center for more hints and tips.

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