The drug formulary is a list of prescription drugs that are approved under your insurance plan. Encourage your employees to share the formulary with their physicians and make sure they know that using drugs on the formulary can help control prescription drug costs. The drug formulary is modified each calendar year on January 1.
Texas Groups: For fully-insured employer groups issued in Texas, plan members will continue to use the formulary that was in effect on the date the group was effective until the next renewal date versus automatically switching on January 1.
Some prescription drugs require pre-authorization before your insurance plan will honor the claim. Some have quantity limit designations. These programs are in place to encourage appropriate use of medications that have certain risk factors.