Plan administrators are required to offer a plan with at least the "standard" minimum benefit or one that is actuarially equivalent to the standard, and they may also offer plans with more generous benefits (e.g., no deductible during the initial spend phase). The terms "standard," "actuarially equivalent," and "more generous" relate to the plan's deductible/co-pay/formulary/"donut-hole" (see Note)/pharmacy-preference aspects and has no direct relevance to the beneficiary other than increasing or decreasing personal choice. Each plan is approved by the CMS before being marketed.