WASHINGTON, Dec. 8 (UPI) -- President George W. Bush Monday signed the $395 billion Medicare prescription drug bill into law.
"With the Medicare Act of 2003 our government is finally bringing prescription drug coverage to the seniors of America," Bush said during the signing ceremony at Constitution Hall. "With this law we are giving older Americans better choice and more control over their health care so they can receive the modern medical care they deserve."
The new law represents the largest expansion of the senior health insurance entitlement program since it was originally enacted in 1965.
The first impact of the new law is expected to come in April, when Medicare beneficiaries -- including 42 million seniors and disabled -- will be able to purchase drug discount cards, for about $30 a year. The cards will provide discounts of up to 25 percent off retail prices.
The Medicare drug benefit program is to begin in 2006 and requires private health plans to compete to provide either the comprehensive Medicare program and drug coverage or a stand-alone drug policy in specific regions of the country. The benefit is targeted mainly at low-income seniors and the disabled, and those with high annual drug expenditures.
