Flaws in the Medicare drug bill
Background: President Bush signed the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (P.L. 108-173) on December 8, 2003. The Act�s prescription drug benefit begins January 1, 2006. Until then, beneficiaries will be offered drug discount cards, which are scheduled to become available on June 1, 2004.
Basics: Drug discount cards will be offered by Medicare-endorsed private companies for an annual fee of up to $30. Estimated savings range between 10-15% of the retail price. Those with incomes up to $12,569 for an individual or $16,862 for a couple in 2004 will get the cards for free and receive a $600 credit embedded in the card, but they will still have co-pays of 5-10 percent per prescription. In Illinois, Senior Care recipients are not eligible for the low-income subsidies, including the $600 credit, since they already have prescription drug coverage.
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