More Savings, More Choice Prescription Drug Act of 2003

More Savings, More Choice Prescription Drug Act of 2003 - Amends title XVIII (Medicare) of the Social Security Act (SSA) to add a new part D (Voluntary Prescription Drug Benefit Program) to entitle each individual who is entitled to benefits under Medicare part A (Hospital Insurance) or is enrolled under Medicare part B (Supplementary Medical Insurance) to obtain qualified prescription drug coverage, with premium and cost-sharing subsidies for low-income individuals. Creates within the Federal Supplementary Medical Insurance Trust Fund the Medicare Prescription Drug Account for purposes of the new program. Amends SSA title XVIII (Medicare) part C (Medicare+Choice) to prohibit a Medicare+Choice organization from offering prescription drug coverage (other than that required under parts A and B) to an enrollee under a Medicare+Choice plan unless such drug coverage is at least qualified prescription drug coverage, and specified requirements of this Act are met.

Amends SSA title XIX (Medicaid) to: (1) require State Medicaid plans to provide for making eligibility determinations for premium and cost-sharing subsidies with regard to the Medicare prescription drug benefit for low-income Medicare beneficiaries; (2) provide for phased-in Federal assumption of Medicaid prescription drug costs for dually-eligible Medicare and Medicaid beneficiaries; (3) require continued Medicaid payment for such an individual to the extent payment is not made under the prescription drug plan or the Medicare+Choice plan selected by the individual; and (4) provide for Medicaid prescription drug coverage by territories.

Prescribes conditions and limitations for prescription drug coverage by new Medicare supplemental (Medigap) policies.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov