Pharmacy Benefit Manager (PBM)

The middleman that runs a health plan’s drug benefit — negotiating prices, building the formulary, and processing pharmacy claims.

This is a friendly general explanation, not legal or policy language. Exact coverage depends on your policy, carrier, and state. 🤝

Written and reviewed by the We Insure Things team — licensed independent insurance agents. Last reviewed July 23, 2026. Questions? Ask a licensed agent.