Formal request for payment (bill) generated because of an insured’s purchase of prescription drugs dispensed by a pharmacist from a physician’s written instructions (prescription form).
Insurance Encyclopedia
Pharmacy network
See: pharmacy services administrative organization (PSAO).
pharmacy services administrative organization (PSAO)
Preferred provider organization (PPO) of community pharmacies that contracts either with employers or pharmacy benefit managers to give pharmacy services to members of the plan. Also known as pharmacy network.
PHARMD
Abbreviation for Doctor of Pharmacy.
Phased retirement
Pension option allowing the member to ‘phase in’ retirement by drawing segments from his fund at intervals. Each withdrawal funds an annuity and a tax free lump sum and builds up the pension payments. The main constraint is the age 75 rule. This option, also called ‘staggered vesting phased retirement, should be compared with income drawdown.