Medicare Prescription Drug Plans
Formulary and Tiers: What are they?
Each and every Medicare Rx drug plan has what is called a “formulary,” which is a list of drugs that are covered by that prescription drug plan. Within each formulary there are classes of drugs. Under Medicare rules each of these formularies must contain at least two medications from each class or type of medication. Because there are many drugs within each type, every prescription drug plan can have a different list of Rx drugs that they cover.
There are also tier levels of drugs. After looking at a number of factors, the prescriptions are then based on tiers Each tier then has a different cost sharing for you.
This is why it is important for you and your friends and family to work with an independent agent to find the drug plan that will cover all your medications at the lowest costs to you. Remember that if your medication is not in your insurance plans formulary it will not be covered, and you will pay the total cost of that medication. The most expensive Medicare prescription plans may actually be the worst plans for your needs.
Please visit our website www.MediChoiceInsurance.com for additional information or call us at 952 367 6350 with your questions.
MediChoice Insurance Agency