On the recordOctober 4, 2000
I am talking about the plan that will be in effect in the year 2002 when we adopt this plan. It will be a voluntary plan. It will be a plan which will be affordable. It will not only give you the benefit of access to 50-percent coverage of your immediate prescription medication cost, but it will also give you, after you pay $4,000, a stop loss, a catastrophic intercept which says, beyond that point, the Federal Government will pay all of your prescription drug bills. That is, in my opinion, the most important part of this plan because the fear of many seniors, and the thing they see as the potential threat to not only their health but their economic security, is that they are going to fall into a serious illness where suddenly their prescription drug costs are not $20 or $30 a month but are $800 or $1,000 a month. The Vice President's plan assures that after you have paid $4,000, then you will have a stop loss against any further payments. Don't you think that is a pretty significant security for America's seniors?
Source
govinfo.gov




