What is a maximum allowable costs list?
The Bankrate.com financial term of the day is: "maximum allowable costs list."
When the patent on a drug ends and multiple companies are allowed to make generic versions, prices can vary. Health plans are all about holding down costs, so they issue maximum allowable costs lists -- or MAC lists -- laying out the top prices they're willing to pay for medications that have generics available.
A good piece of money-saving advice for patients is to ask your doctor if there's a generic available for your next prescription. If the answer is yes, the price of that drug will be based on your health plan's maximum allowable costs list, or MAC list.
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