Medicare Prescription Drug and Modernization Act of 2003

[AI summary unavailable — showing source text] Medicare Prescription Drug and Modernization Act of 2003 - Amends title XVIII (Medicare) of the Social Security Act (SSA) to add a new part D (Voluntary Prescription Drug Benefit Program) under which each individual who is entitled to benefits under Medicare part A (Hospital Insurance) or enrolled under Medicare part B (Supplemental Medical Insurance) is entitled to obtain qualified prescription drug coverage. Authorizes the individual to elect to enroll: (1) in a Medicare Advantage (MA) plan (replacing the current Medicare+Choice plans); (2) in an enhanced fee-for-service (EFFS) plan; or (3) in a prescription drug plan (PDP) if the individual is not enrolled in an MA-EFFS plan (a Medicare Advantage plan and an EFFS plan). Establishes a Medicare Prescription Drug Trust Fund. Outlines standard coverage benefit packages for FY 2006. Includes for the standard package an annual deductible of $250, and requires insurers to cover 80 percent of enrollees drug costs up to the initial coverage limit of $2,000. Requires enrollees to cover all costs between $2,001 and $3,700, and Medicare to cover the entire cost once the beneficiary has reached the $3,700 catastrophic out-of-pocket threshold…