Mike Levin: “I will support the Graham-Smith amendment. However, I would have preferred a prescription drug benefit added to…”

“I will support the Graham-Smith amendment. However, I would have preferred a prescription drug benefit added to Medicare, like the Medicare Outpatient Prescription Drug Act of 2002, commonly referred to as the ``Graham-Miller proposal.'' The Graham-Miller amendment would have provided a comprehensive, voluntary, affordable and reliable prescription drug benefit to Medicare beneficiaries. I voted for the Graham-Miller amendment, which was supported by a majority of the United States Senate in a vote last week. Unfortunately, the proposal required sixty votes and subsequently failed. On balance, I will support the Graham-Smith compromise, even though I have some reservations. The bill has three major points. First, the Graham-Smith amendment provides all Medicare beneficiaries access to a prescription drug card which allows Medicare beneficiaries to pool their purchasing power and receive drug discounts of up to 35 percent. The Federal Government would add an additional 5 percent subsidy to any negotiated price. Second, low-income beneficiaries would receive full drug coverage--paying only a nominal copayment for their drugs. Third, ``catastrophic coverage'' would be available to Medicare beneficiaries so that someone doesn't have to spend more than $3,300 in out-of-pocket expenses on prescription drugs. After that, a beneficiary would only pay a $10 copayment for each prescription drug.”