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Historically, a pharmacy benefit manager (PBM) is a third-party administrator of prescription. drug programs. PBMs are primarily responsible for developing and maintaining the. formulary, contracting with pharmacies, negotiating discounts and rebates with drug. manufacturers, and processing and paying prescription drug claims.
The official handbook, Medicare & You 2011 , says that Medicare covers two types of physical exams â one when you're new to Medicare and one each year after that.. It describes these as the initial Welcome to Medicare physical exam and the yearly wellness exam. Medicare wellness exam differs from a physical exam.. â llustration by: Jon Krause. Schmitz, a retired engineer from Portland, Maine, was pleased when he read that, under the new health care law, Medicare had begun covering annual physicals free of charge.