Plain-English definitions for every Medicare term — from ABN to ZIP enrollment. No jargon, no confusion.
Showing 2 results for "Generic drug" — clear search
A prescription drug that has the same active ingredients, dosage, and effectiveness as a brand-name drug but is sold at a lower price after the brand-name patent expires. Generic drugs are typically in lower Part D tiers with lower copays.
A level in a Part D formulary that determines how much you pay for a drug. Most plans have 4–5 tiers. Generic drugs are typically in lower tiers with lower copays; brand-name and specialty drugs are in higher tiers with higher copays or coinsurance.
Also known as: Drug tier
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