What is a formulary, and how do insurance companies save money by ...

[penza]

What is a formulary, and how do insurance companies save money by using a formulary for prescription drug coverage?
 
  What will be an ideal response?

Question 2

Describe the practicum experience.
 
  What will be an ideal response?

[mjbamaung]

Answer to Question 1

A formulary is a list of medications in each category of medication that the insurance company will pay the most for.For example, a medication on the formulary may have a 10.00 copayment, and medications that are not on the formulary may have a 25.00 copayment or not be covered at all.Formularies save money for insurance companies who contract with pharmaceutical companies to get lower prices for having the medication on their formulary.

Answer to Question 2

A practicum is an educational learning opportunity outside the classroom that gives students hands-on experience. It is the final phase of an accredited medical assisting program.