What is the definition of a formulary in health insurance?

The correct answer is defined as a list of drugs covered by an insurance plan, and this is known as a formulary. In health insurance, a formulary serves as a crucial tool for both insurers and policyholders, as it outlines which medications are included in the plan's coverage. This list typically categorizes drugs based on their cost, efficacy, and necessity, providing guidelines for coverage levels—such as preferred versus non-preferred drugs. By having a formulary, health insurance providers help manage costs and ensure that patients receive effective treatment options that align with the plan's framework.

In contrast, the other options do not accurately represent the concept of a formulary. A schedule for doctor visits would pertain to appointments rather than medications. An outline of patient rights relates to the entitlements of patients within the healthcare system and does not pertain to drug coverage. A document for filing claims focuses on the processes for reimbursing healthcare costs rather than specifying the medications that are covered under a health insurance plan. Thus, the role of a formulary is specifically tied to the medications available for treatment under an insurance policy, making it integral to understanding health insurance benefits.