Prescription Coverage Now Act of 2009

Prescription Coverage for Now Act of 2009 - Amends part D (Voluntary Prescription Drug Benefit Program) of title XVIII (Medicare) of the Social Security Act (SSA) to direct the Commissioner of Social Security, through certain information requests to the Secretary of the Treasury, to provide for the identification of individuals potentially eligible for low-income subsidies (LIS) and transmit them low-income subsidy applications if they are also part D eligible.

Requires the Secretary of Health and Human Services, jointly with the Commissioner, to develop a model, simplified low-income subsidy application and process.

Amends the Internal Revenue Code to require the Secretary of the Treasury, upon the Commissioner's request, to disclose tax return information to facilitate identification of individuals likely to be eligible for Medicare prescription drug program low-income subsidies.

Entitles low-income subsidy beneficiaries to retroactive reimbursement for previously incurred covered drug costs. Prescribes requirements for enhanced oversight and enforcement relating to such reimbursements.

Establishes an asset standard for LIS eligibility for 2011 of $27,500 (or $55,000 in the case of the combined value of the individual's assets or resources and the assets or resources of the individual's spouse), increased in subsequent years by the annual percentage increase in the consumer price index.

Exempts retirement benefits from resources under the LIS programs.

Increases the income eligibility to 150% of the federal poverty level (FPL) for full benefits and 200% of the FPL for partial benefits under the LIS program.

Authorizes indexing of deductible and cost-sharing above the annual out-of-pocket threshold for individuals with incomes below 200% of FPL.

Prohibits the treating of LIS premium and cost-sharing subsidies as benefits, or otherwise taking them into account, in determining an individual's eligibility for, or amount of benefits under, any other federal program.

Requires individuals eligible for Medicare Savings Programs to be deemed subsidy eligible individuals under LIS.

Establishes a special enrollment period for subsidy eligible individuals under LIS.

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