Brand-name Drugs

Prescription drugs sold under a trademark-protected brand name, typically more expensive than generic drugs. Covered under programs like Medicare Part D, Medicaid, and CHIP.

Drug Formulary

A list of prescription medications covered by a health insurance plan, such as Medicare Part D or CHIP. Medications on the formulary are categorized into tiers, with different levels of cost-sharing for generic, brand-name, and specialty drugs.

Formulary

A list of prescription medications that are covered by a health insurance plan, such as Medicare Part D or CHIP. Drugs listed on a formulary are usually divided into tiers, with different levels of cost-sharing based on the type of drug (generic, brand-name, or specialty).

Formulary Tiers

Categories within a drug formulary that determine the level of coverage and cost-sharing for medications. Typically, Tier 1 includes generic drugs with the lowest copays, while higher tiers include brand-name and specialty drugs with higher costs.

Medicare Part D

The prescription drug coverage component of Medicare, available through private plans. Part D helps beneficiaries pay for the cost of prescription medications, with cost-sharing determined by drug formularies and tier levels.

Part D (Medicare)

Prescription drug coverage for Medicare beneficiaries, offered by private insurance plans. Part D helps cover the cost of prescription drugs and has a formulary, or list of covered medications, categorized by cost tiers.