Requires the Secretary of Health and Human Services (HHS), for plan years beginning on or after January 1, 2011, to expand the formulary tier exception request process to allow Medicare beneficiaries enrolled in a prescription drug plan to request an exception for a specialty prescription drug as a non-preferred prescription drug.

Requires the Medicare Payment Advisory Commission to study and report to Congress on: (1) the prescription drug program under Medicare part D and the interaction of such program with Medicare beneficiary access to covered drugs under part B; and (2) cost-sharing for prescription drugs under Medicare parts B and D, including an analysis of the impact of eliminating cost-sharing for covered part D drugs for Medicare beneficiaries who incur annual out-of-pocket cost-sharing, after the initial coverage limit, that exceeds 5% of their income and who do not otherwise qualify for an income-related subsidy or other extra help or cost-sharing relief.