What is a formulary, and how do insurance companies save money by using a formulary for prescription drug coverage?
What will be an ideal response?
A formulary is a list of medications in each category of medication that the insurance company will pay the most for.For example, a medication on the formulary may have a $10.00 copayment, and medications that are not on the formulary may have a $25.00 copayment or not be covered at all.Formularies save money for insurance companies who contract with pharmaceutical companies to get lower prices for having the medication on their formulary.
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