Understanding Your Plan’s Formulary

By RetireMEDiQ

A drug formulary is an insurance document associated with your Part D Prescription Drug plan that lists covered medications along with important information about the medications. Medications are listed alphabetically and organized into categories to help you and your providers locate specific medications.

The formulary will identify each medication as brand name or generic and display the “drug tier” along with any special requirements or limits. Each drug tier has a set copay or coinsurance; these amounts are listed in the beginning of the formulary.

Knowing your plan’s formulary can help you to anticipate the costs of your medications more effectively. We encourage you to be aware of special requirements or limits associated with your medications. Examples include:

  • Quantity limits, which limit the amount of your medication you may fill within a specific time frame
  • Prior authorization, which is a referral needed from a physician for certain medications

The following link will provide you with more information about Part D coverage and drug formularies. As always, please do not hesitate to contact our Client Services Team if you have any questions at 1-877-222-1942 or client@retiremediq.com.

https://www.medicare.gov/part-d/coverage/part-d-coverage.html

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