Insurance or benefit plans that provide financial assistance for the cost of prescription medications, making them more affordable for individuals.
A list of prescription drugs covered by a specific insurance plan, indicating the medications available and their associated costs.
A medication that is equivalent to a brand-name drug in dosage, strength, safety, and intended use, typically at a lower cost.
A medication marketed under a specific brand by a pharmaceutical company, often more expensive than its generic counterpart.
A formulary that categorizes medications into different tiers, each with different cost-sharing levels for the insured individual.
A process in which healthcare providers must obtain approval from the insurance company before a specific prescription drug is covered.
A prescription drug coverage requirement where individuals must first try a lower-cost medication before being approved for a more expensive alternative.
A fixed amount that insured individuals pay for a prescription drug, often a percentage of the total cost.
The amount an individual must pay out of pocket for covered expenses before the insurance plan begins to cover the costs.
A cost-sharing arrangement where the insured individual pays a percentage of the prescription drug cost, and the insurance plan covers the remaining percentage.
The maximum amount an insured individual is required to pay for covered services, including prescription drugs, within a specific time period.