What is a list of prescription medications covered by public or private health insurance known as?

A list of prescription medications covered by public or private health insurance is referred to as a formulary list. This list serves as a comprehensive guide that outlines which medications are approved for coverage by health plans, including details about the specific conditions they treat and any associated cost-sharing obligations.

Formularies are essential for both providers and patients, as they help in managing costs and ensuring that patients receive necessary medications without significant financial burden. They often include both generic and brand-name drugs, and they are regularly reviewed and updated to reflect new therapeutic options, changes in clinical guidelines, and market dynamics.

The other terms listed serve different purposes in the context of healthcare and medication coverage. A covered services list typically refers to the broader range of healthcare services included in a plan, while a restricted drugs list designates medications that may have limitations or require special authorization prior to being prescribed. An uninsured drugs list pertains to medications not covered by an insurance plan at all, indicating that patients will need to bear the entire cost out of pocket. Understanding the significance of a formulary list is crucial for effectively navigating health insurance and medication access.