Each Medicare prescription drug plan has it’s own list of covered drugs called a formulary. All formularies are similar because they are based on the same federal guidelines, however they may not include the exact same medications. The federal government requires the plans to include most of the types of drugs used by Medicare beneficiaries. The difference in the drug formularies will be important to you because you will want to be certain that the prescription drugs you take will be on the plan’s list you are planning to enroll in. We break it all down here.
Topics: prescription drug coverage, Prescription Drug Plan, how medicare works, Prescription drugs, Prescription drug plans, discounts on prescriptions, What is Medicare?, what is a formulary?, medicare formulary
The Department of Health and Human Services has released information that shows that millions of seniors and people with disabilities on Medicare continue to save on prescription drugs as well as see improved benefits as a result of the Affordable Care Act. In the past it is believed that as many as 1 in 4 seniors went without a prescription each year because they were unable to afford it. To help these seniors, this law provides relief for those people with the highest drug costs, the ones in the donut hole.