A Medicare Advantage formulary is the list of prescription drugs covered by the plan's built-in drug benefit. Drugs are organized into tiers with different cost-sharing. Formularies change each year. Always verify your medications are on the formulary before enrolling in a Medicare Advantage plan.
Key Points
- Formulary: list of covered prescription drugs
- Drugs organized into tiers with different cost-sharing
- Formularies change each year — verify annually
- Always verify your medications are on the formulary before enrolling
- An independent agent can run a drug cost comparison across all plans