It certainly does. Medicare Part B
covers much -- usually 80 percent -- of the cost of diagnosis, examinations, and medical care, including diabetes care from your doctor, diabetes screening, self-management training, nutrition therapy, and special diabetes related testing (such as hemoglobin, glaucoma and other eye exams). It also covers equipment and supplies related to diabetes, such as blood sugar self-testing equipment, insulin pumps and therapeutic shores or inserts.
A Medicare Part D prescription drug plan
covers much of the cost of insulin and other anti-diabetic drugs, as well as supplies required to deliver those drugs (such as syringes, needles, alcohol swabs, and inhalation devices). Under a Part D plan, you'll be personally responsible for a copayment for most drugs.
To get details about coverage for diabetes care, supplies, and drugs, look at the extensive Medicare booklet Medicare Coverage of Diabetes Supplies & Services