Voluntary Medicare Option Act

[AI summary unavailable — showing source text] Voluntary Medicare Option Act - Amends title XVIII (Medicare) of the Social Security Act to permit an eligible individual to have the right to receive benefits under an Optional Alternative Medicare Program rather than under part A (Hospital Insurance) and part B (Supplementary Medical Insurance) of title XVIII. Defines an eligible individual as an individual who is an aged individual or a disabled individual and who is not a Medicaid (title XIX of the Act) eligible individual. Sets forth formulas for determining the amount of benefits provided. Provides for the assignment of an eligible individual's benefits to a qualified plan in the case of an individual who elects the Alternative Program and enrolls in a qualified plan. Directs the Secretary of Health and Human Services to establish actuarial categories of eligible individuals to be used to determine health benefits and premiums. Requires the Secretary to act upon each health plan's application for certification as a qualified plan within 45 days of receiving the application. Requires a plan, in order to be qualified, to provide at least the services covered under parts A and B of title XVIII. Requires a plan to accept all elig…