Medicare Prescription Drug Coverage Act of 1999
Medicare Prescription Drug Coverage Act of 1999 - Directs the Secretary of Health and Human Services to conduct a study for a report to Congress on establishment of an outpatient prescription drug benefit under Medicare (title XVIII of the Social Security Act (SSA)) that provides for full outpatient prescription drug coverage for Medicare beneficiaries.
Amends SSA title XVIII to: (1) provide for the transfer of Federal estate tax revenues to the Federal Hospital Insurance Trust Fund under Medicare in order to offset the costs of the prescription drug benefit above; and (2) establish the Outpatient Prescription Drug Account in the Trust Fund in order to receive such Federal estate tax revenues and to pay for outpatient prescription drugs furnished under this Act.
Referred to the Subcommittee on Health and Environment, for a period to be subsequently determined by the Chairman.