Question

What are the 5 tiers for medicare prescription drug coverage?

Answer 1

The 5 tiers for Medicare prescription drug coverage are generic drugs, preferred brand-name drugs, non-preferred brand-name drugs, specialty drugs, and catastrophic coverage.

Step-by-step explanation:

The 5 tiers for Medicare prescription drug coverage are:

1. Generic drugs: This tier typically has the lowest co-payment and includes generic medications.
2. Preferred brand-name drugs: This tier includes brand-name drugs that are preferred by the insurance plan. It usually has a higher co-payment than the generic tier but lower than non-preferred brand-name drugs.
3. Non-preferred brand-name drugs: This tier includes brand-name drugs that are not preferred by the insurance plan. It usually has a higher co-payment than the preferred brand-name tier.
4. Specialty drugs: This tier includes high-cost medications used to treat complex conditions. It usually has the highest co-payment.
5. Catastrophic coverage: Once the total out-of-pocket spending reaches a certain limit, Medicare provides additional coverage for prescription drugs. This tier typically has a lower co-payment.