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Insurance terms
| Question | Answer |
|---|---|
| PBM | NOT insurance |
| PBM | pharmacy benefit manager |
| PBM | processes insurance claims |
| PBM | reimburses / audits pharmacies |
| PBM | set formularies |
| Rejections | wrong DOB / ID |
| Rejections | refill too soon |
| Rejections | PA required |
| Rejections | drug not covered |
| Tiered Copayment | Tier 1 = Generic |
| Tiered Copayment | Tier 2 = Preferred Brand |
| Tiered Copayment | Tier 3 = Non-preferred Brand |
| Premium | amount paid per month to get insurance coverage |
| Coinsurance | Insurer / patient agree to share costs; typically a % |
| Deductible | amount the pt must pay before insurance covers costs |
| Copay | amount paid for each prescription / service |
| Adjudication | pharm computer compares to PBM, tells us $$ for pt to pay |