What do they do? How are they regulated
2006-09-22 11:52:34 · 2 answers · asked by mrs. c 1 in Business & Finance ➔ Insurance
A PBM is a company that's separate from your insurer that it has hired to administer the prescription benefit portion of your insurance policy. This works in much the same way as a company that administers the mental health/substance abuse benefit for some insurers. The PBM makes all claim decisions, authorizes coverage, etc. These companies are regulated by the insurance commissioner's office in each state where they do business.
I hope this helps.
2006-09-23 10:33:54 · answer #1 · answered by Suzanne: YPA 7 · 1⤊ 0⤋
I would think they work with a company and insurance provider and help satisfy the goals of the insurance plan for the company employees benefit.
2006-09-22 11:58:24 · answer #2 · answered by The Advocate 4 · 0⤊ 1⤋