Plain-English definitions for every Medicare term — from ABN to ZIP enrollment. No jargon, no confusion.
Terms starting with "F" — 3 terms
A payment model where health care providers are paid for each service, procedure, or test performed. Original Medicare (Parts A and B) is a fee-for-service program, meaning Medicare pays separately for each covered service.
Also known as: FFS
A list of prescription drugs covered by a Medicare Part D plan or Medicare Advantage plan with drug coverage. Drugs are organized into tiers, with each tier having a different cost. Plans can change their formularies annually.
Also known as: Drug list, Preferred drug list
A 30-day period after you receive a new Medigap policy during which you can cancel it for a full premium refund if you are not satisfied. This gives you time to compare your old and new coverage before fully committing.
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