|
Coventry Health Care 2006 Prescription Drug Formulary
It is important for individuals on a prescription drug formulary plan to understand how it works so that they can minimize their out-of-pocket expenses. Formularies typically have three different copay levels, providing financial incentives for people to take the most cost-effective medications. The copay levels are as follows:
- Generic drugs- lowest copay
- Brand-name formulary drugs- middle copay
- Brand-name non-formulary drugs- highest copay
Periodically insurance companies will modify their formulary in response to market changes, such as new drugs entering the market or the introduction of generic equivalents. As a result, drugs may shift from a lower to a higher copay level, or vice versa.
Coventry Health Plans just released their formulary listing for 2006. Anyone taking medications should review the formulary to determine if copay levels have changed. Here are a few hints to keep in mind to help you understand the listing:
- Generic drugs begin with lower case letters.
- Brand-name formulary drugs begin with upper case letters.
- Brand-name drugs followed by an asterisk (*) have a generic version available.
- Drugs not appearing on the list are considered non-formulary.
Formulary Listing
If you are prescribed a drug not on the formulary, you may want to talk to your doctor about possible alternatives so that you can minimize your copay. Refer to the section called Common Non Formulary Drugs and their Formulary Alternatives for some suggestions on other medications that may work for you.
Questions about your Coventry prescription drug plan can be directed to your RSI Gallagher Benefit Service Specialist. |
