LSUS MHA 707 Medicare's New Drug Price Negotiation Program - Supp. Readings Exam B Questions with CORRECT Answers (Grade A+)

LSUS MHA 707 Medicare's New Drug Price Negotiation
Program - Supp. Readings Exam B Questions with
CORRECT Answers (Grade A+)

Question 1:
Medicare Part D
Answer:
Government program providing prescription drug coverage for Medicare beneficiaries

Question 2:
Drug Price Negotiation Program
Answer:
Medicare's initiative to negotiate prices for selected drugs to improve affordability and access

Question 3:
Generic Equivalents
Answer:
Unbranded versions of drugs containing the same active ingredient as the brand-name drug

Question 4:
Biosimilar Equivalents
Answer:
Biological products highly similar to and with no clinically meaningful differences from an existing
FDA-approved reference product

Question 5:
Inflation Reduction Act
Answer:
Legislation requiring Medicare Part D plans to cover all selected drugs once negotiated prices take
effect

, Question 6:
Formulary Placement
Answer:
The tier on which a drug is placed within a formulary, affecting cost sharing for patients

Question 7:
Utilization Management Tools
Answer:
Strategies used by insurers to manage the use of prescription drugs and control costs

Question 8:
Coinsurance
Answer:
A type of cost-sharing where the patient pays a percentage of the drug's list price, in addition to a
copayment

Question 9:
Prior Authorization
Answer:
Requirement for approval from the insurer before a drug is dispensed, often for high-cost or specialty
drugs

Question 10:
Out-of-Pocket Costs
Answer:
Expenses paid by the patient for medication not covered by insurance, including deductibles,
copayments, and coinsurance

Question 11:
Specialty Tier
Answer:
A higher tier on a formulary where more expensive and often specialty drugs are placed, resulting in
higher patient cost-sharing