Frank Pallone: “The Democratic bill is called the Medicare Prescription Drug Benefit and Discount Act, and of course the most important…”

“The Democratic bill is called the Medicare Prescription Drug Benefit and Discount Act, and of course the most important thing is that it provides an affordable prescription drug and reliable benefit to all seniors; and as our colleague, the gentlewoman from Texas (Ms. Jackson-Lee) said, seniors have waited long enough. But basically the purpose of the Democratic bill is four-fold. First, it lowers the cost of drugs for all seniors. It offers an affordable guaranteed Medicare drug benefit. It insures seniors coverage of the drug their doctor prescribes, and it does not force seniors into HMOs or private insurance. In terms of the actual premium and benefit, no gaps, no gimmicks. The premium is $25 a month. The deductible is $100 a year. Co-insurance beneficiaries pay 20 percent; Medicare, meaning the Federal Government, pays 80 percent. Out-of-pocket limit is $2,000 per beneficiary per year; and if one is below a certain income, then the premium is paid for.”