S.873 - Medicare Prescription Drug Savings and Choice Act of 2005109th Congress (2005-2006)
|Sponsor:||Sen. Durbin, Richard J. [D-IL] (Introduced 04/21/2005)|
|Latest Action:||09/27/2005 Sponsor introductory remarks on measure. (CR S10525-1052 6) (All Actions)|
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Summary: S.873 — 109th Congress (2005-2006)All Information (Except Text)
Introduced in Senate (04/21/2005)
Medicare Prescription Drug Savings and Choice Act of 2005 - Amends part D (Voluntary Prescription Drug Benefit Program) of title XVIII (Medicare) of the Social Security Act to direct the Secretary of Health and Human Services to offer one or more Medicare operated prescription drug plans nationally that provide qualified prescription drug coverage and access to negotiated prices. Allows the plan to offer supplemental prescription drug coverage in the same manner as other qualified prescription drug coverage by other prescription drug plans.
Requires the Secretary to negotiate with pharmaceutical manufacturers to reduce the purchase cost of covered Medicare part D drugs for eligible part D individuals, and encourage the use of more affordable therapeutic equivalents.
Requires the monthly beneficiary premium charged under such a plan to be uniform nationally. Makes the premium for months in 2006 $35, with a formula for determining premium adjustments in subsequent years.