Final answer:
The Value Script and Value Plus Prescription Drug Plans (PDP) have a 5-tier formulary structure for 2023, which affects beneficiaries' medication costs and co-payments.
Step-by-step explanation:
The Value Script and Value Plus Prescription Drug Plans (PDP) products have a 5-tier formulary structure for 2023. A formulary is a list of prescription drugs covered by a prescription drug plan or another insurance plan offering prescription drug benefits. Each tier corresponds to a different level of cost-sharing for the beneficiary, usually ranging from preferred generics with the lowest cost-sharing to specialty medications with the highest cost-sharing.
Understanding the tier structure is important for beneficiaries as it directly affects their medication costs throughout the year. Tiers often determine the co-pay or co-insurance amounts for each medication. For instance, drugs on a higher tier may cost more than those on a lower tier. It's essential for individuals to review their plan's formulary when choosing a plan or when new formulary changes are announced.