How is 'formulary' defined in the context of Medicare?

In the context of Medicare, a formulary is specifically defined as a list of medications covered within the benefit plan. This list outlines the prescription drugs that are approved for coverage under a specific Medicare Advantage or Medicare Part D plan, ensuring beneficiaries have access to necessary medication while managing costs.

Formularies are usually tiered, meaning that different levels of copayments or coinsurance can apply to different categories of medications, depending on their placement on the list. The inclusion and pricing of a drug in the formulary can impact patient access as well as out-of-pocket expenses, which underscores its essential role in the structure of Medicare prescription drug coverage.

The other options describe different concepts that are not aligned with the specific definition of a formulary in Medicare. For example, a comprehensive list of all medications available in the U.S. is broader than a formulary, which only includes those drugs covered by a specific Medicare plan. Similarly, while coverage limits for specific drugs and documents outlining treatments not covered by insurance plans are important in understanding overall health insurance benefits, they do not define the term 'formulary' itself.