Important things to know about your drug formulary
Important things to know about your drug formulary
• You will always have access to the medications you need. The formulary always includes at least two drugs in the most commonly prescribed categories.
• Using covered drugs will save you money. If you use a drug that is not on your plan’ s covered drug list, you will have to pay full price instead of a copay or coinsurance, unless you qualify for a formulary exception.
• Generic drugs are copies of brand-name drugs. Generic drugs are the same as brand-name drugs in dosage form, safety, strength, route of administration, quality, performance characteristics and intended use. Generic drugs have the same active ingredients as brand-name prescription drugs and using generic drugs will save you money.
Here are some reasons your drug formulary may change:
In accordance with Medicare’ s guidelines, Senior Care Plus may make some changes to our formulary during the year. Most of the changes in drug coverage happen at the beginning of each year( January 1). Changes throughout the year are rare and are made in an effort to increase value, keep costs low, and ensure clinical efficacy and high standards of care.
Here are some additional reasons your drug formulary may change:
• The Food and Drug Administration( FDA) approves a new medication and the new drug is added to the formulary.
• The FDA approves an existing medication as part of treatment for a new disease or condition.
• The medication has been withdrawn from the market for safety reasons.
• The medication becomes available without a prescription, and you can get it over-the-counter.
o Over-the-counter drugs are not covered under your prescription drug plan, however Senior Care Plus does offer an over-the-counter benefit.
o You can read more about this by visiting SeniorCarePlus. com.
• A new generic drug becomes available, so the brand name drug is removed. – 21 –