Unit 12 - Introduction to Health Insurance

Question 1

What is Formulary?

Answer 1

Prescription drug plans generally do not cover every drug. The list of drugs the plan covers is called its formulary. A plan’s formulary is required to include at least one drug in every non-elective therapeutic category.

Question 2

Medical expense policies written on an indemnity basis pay…

Answer 2

a daily benefit for each day of hospitalization, regardless of the actual expenses.