Which statement best describes a formulary in a Part D plan?

• A. Lists drugs covered and costs with prior authorizations or exclusions
• B. Lists all healthcare services
• C. Lists only in-network providers
• D. Lists patient co-pays for visits

Answer: (B)

A formulary in a Part D plan is the plan’s approved list of prescription medications and how they are covered, including the member’s costs and any management rules like prior authorizations, step therapy, or exclusions. This makes it clear which drugs are covered and under what conditions, helping predict out-of-pocket expenses and whether a prescription requires extra steps before authorization. It isn’t a list of all healthcare services, nor a provider directory of in-network doctors, and it doesn’t specify co-pays for medical visits—those relate to other parts of the plan’s benefits.