Summary: H.R.1199 — 108th Congress (2003-2004)All Information (Except Text)

There is one summary for H.R.1199. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/11/2003)

Medicare Rx Drug Benefit and Discount Act of 2003 - Amends title XVIII (Medicare) of the Social Security Act (SSA) to add a new part D (Voluntary Prescription Drug Benefit Program) under which each individual who is entitled to benefits under Medicare part A (Hospital Insurance) or eligible to enroll under Medicare part B (Supplemental Medical Insurance) is entitled to obtain qualified prescription drug coverage.

Outlines standard coverage benefit packages. Includes for the standard package a monthly premium of $25, an annual deductible of $100, a coinsurance of 20 percent and an annual out-of-pocket spending limit of $2,000. Directs the Secretary to negotiate fair prices with pharmaceutical manufacturers.

Amends part C (Medicare+Choice) of SSA title XVIII to provide for the availability of prescription medicine benefits under the Medicare+Choice program.

Provides for accelerated generic drug competition under the Federal Food, Drug, and Cosmetic Act.