A bill to amend title II of the Social Security Act to provide that full old-age, survivors, and disability insurance benefits (when based upon the attainment of retirement age), and medicare benefits, will be payable at age 60 (with such insurance benefits being payable in reduced amounts at age 57), to provide a minimum primary benefit of $100 a month, and to liberalize the earnings test; and to amend title XVIII of such act to provide coverage for prescription drugs under the medicare program.

[AI summary unavailable — showing source text] Provides, under the Social Security Act, that full old-age, survivors, and disability insurance benefits, (when based upon the attainment of retirement age), and medicare benefits will be payable at age sixty, with such benefits being payable in reduced amounts at age fifty-seven. Provides a minimum primary insurance benefit payment of $100 under title II of the Social Security Act. Increases the amount an individual may earn annually, without such earnings reducing his benefit payments, to $3,360. Includes coverage for prescription drugs under the medicare program. Limits the payment made for eligible drugs to those dispensed by a participating pharmacy; except that payments for eligible drugs may be made when such drugs are dispensed by a physician where the Secretary of Health, Education, and Welfare determines that such eligible drugs were required in an emergency or that there was no participating pharmacy available in the community. Establishes within the Department of Health, Education, and Welfare, a Medicare Formulary Committee. Directs the Committee to compile, publish, and make available a Medicare Formulary containing the names, and specific dosage forms and strengths w…