<SEC-DOCUMENT>0000947871-23-000580.txt : 20230613
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<ACCEPTANCE-DATETIME>20230515101842
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000947871-23-000580
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230515

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CVS HEALTH Corp
		CENTRAL INDEX KEY:			0000064803
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-DRUG STORES AND PROPRIETARY STORES [5912]
		IRS NUMBER:				050494040
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE CVS DR.
		CITY:			WOONSOCKET
		STATE:			RI
		ZIP:			02895
		BUSINESS PHONE:		4017651500

	MAIL ADDRESS:	
		STREET 1:		ONE CVS DR.
		CITY:			WOONSOCKET
		STATE:			RI
		ZIP:			02895

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CVS CAREMARK CORP
		DATE OF NAME CHANGE:	20070509

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CVS/CAREMARK CORP
		DATE OF NAME CHANGE:	20070322

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CVS CORP
		DATE OF NAME CHANGE:	19970128
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 37px; width: 276px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>By EDGAR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">May 15, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">Linda Cvrkel and Suying Li<BR>
United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">Office of Trade and Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">100 F Street, NE<BR>
Washington, D.C. 20549-0405</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re:</B></FONT></TD>
    <TD STYLE="width: 92%; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CVS Health Corporation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Form 10-K for Fiscal Year Ended December 31, 2022</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Filed February 8, 2023</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>File No. 001-01011</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">Dear Mses. Cvrkel and Li:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">CVS Health Corporation (the &ldquo;Company&rdquo;)
is responding to the comment letter of the Staff of the U.S. Securities and Exchange Commission (the &ldquo;Staff&rdquo;) dated May 11,
2023 on the above referenced filing.&nbsp;For your convenience, we have reproduced the Staff&rsquo;s comment in bold immediately preceding
the Company&rsquo;s response.<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Form 10-K for the Fiscal Year Ended December 31, 2022</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Item 7. Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Segment Analysis</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Health Care Benefits Segment, page 79</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD><B>Your disclosure in the last paragraph on page 80 indicates that &ldquo;[b]ased on the Company&rsquo;s membership at December 31,
2022, 21% of the Company&rsquo;s Medicare Advantage members were in plans with 2023 star ratings of at least 4.0 stars, compared to 87%
of the Company&rsquo;s Medicare Advantage members being in plans with 2022 star ratings of at least 4.0 stars based on the Company&rsquo;s
membership at December 31, 2021.&rdquo; We also note that your 2023 star ratings will be used to determine which of your Medicare Advantage
plans four stars or higher and qualify for bonus payments in 2024. Please revise to quantify, if material, the impact that the significant
decline in your plans with four stars or higher could have on your bonus payments in future periods.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 0pt"></P>

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<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">U.S. Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">May 15, 2023</FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><FONT STYLE="background-color: white">Page <B>2</B> of <B>3</B></FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in"><FONT STYLE="background-color: white">We acknowledge the
Staff&rsquo;s comment and respectfully submit that the Company will supplement the disclosures in its Management&rsquo;s Discussion and
Analysis of Financial Condition and Results of Operations (&ldquo;MD&amp;A&rdquo;) to reflect the projected impact of the decline in the
percentage of the Company&rsquo;s </FONT>Medicare Advantage members in plans with star ratings of at least 4.0 stars in 2023 in the following
manner (new disclosure identified in <B><U>bold and underline</U></B>):<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0.7in; background-color: white"><I>Medicare Update<BR>
<BR>
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0.7in; background-color: white">...</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0.7in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0.7in">The ACA ties a portion of each Medicare Advantage plan&rsquo;s
reimbursement to the plan&rsquo;s &ldquo;star ratings.&rdquo; Plans must have a star rating of four or higher (out of five) to qualify
for bonus payments. CMS released the Company&rsquo;s 2023 star ratings in October 2022. The Company&rsquo;s 2023 star ratings will be
used to determine which of the Company&rsquo;s Medicare Advantage plans have ratings of four stars or higher and qualify for bonus payments
in 2024. Based on the Company&rsquo;s membership at December&nbsp;31, 2022, 21% of the Company&rsquo;s Medicare Advantage members were
in plans with 2023 star ratings of at least 4.0 stars, compared to 87% of the Company&rsquo;s Medicare Advantage members being in plans
with 2022 star ratings of at least 4.0 stars based on the Company&rsquo;s membership at December&nbsp;31, 2021. <B><U>The estimated impact from the decline in the number of Medicare Advantage members in plans with star ratings of at least 4.0 stars, net of mitigating actions, is a reduction of the 2024 operating income of the Health Care Benefits segment of approximately $800 million to $1.0 billion.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><U><BR>
<BR>
</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="background-color: white">In its Quarterly Report
on Form 10-Q for the three-month period ended March 31, 2023, the Company announced a realignment of the composition of its segments.
In connection with the realignment, the Company expects to file, during the three-month period ending June 30, 2023, a </FONT>Current
Report on Form 8-K (the &ldquo;Segment Realignment 8-K&rdquo;) to recast certain prior period financial information to conform with the
new segment composition. The Segment Realignment 8-K will include, among other things, the Company&rsquo;s <FONT STYLE="background-color: white">MD&amp;A
for the year ended December 31, 2022 revised to reflect the realignment of the segments as an exhibit. The Company proposes to include
the revised disclosure as part of the revised MD&amp;A filed in the Segment Realignment 8-K.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">If you have any additional questions or comments,
please do not hesitate to contact me at Shawn.Guertin@cvshealth.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">/s/ Shawn M. Guertin</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">Executive Vice President and Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">cc:&#9;James D. Clark, Senior Vice President, Controller and Chief Accounting
Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">U.S. Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">May 15, 2023</FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><FONT STYLE="background-color: white">Page <B>3</B> of <B>3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Samrat&nbsp;S. Khichi, Executive Vice President, Chief Policy
Officer and General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Colleen M. McIntosh, Senior Vice President, Corporate Secretary
and Chief Governance Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Lona Nallengara, Shearman &amp; Sterling LLP</P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

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<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
