Medicare Prescription Drug Savings for Our Seniors (Medicare Prescription Drug SOS) Act of 2006

Medicare Prescription Drug Savings for Our Seniors (Medicare Prescription Drug SOS) Act of 2006 - Amends part D (Voluntary Prescription Drug Benefit Program) of title XVIII (Medicare) of the Social Security Act (SSA) to direct the Secretary of Health and Human Services to: (1) offer one or more Medicare operated prescription drug plans (PDPs) with a service area consisting of the entire United States; and (2) negotiate with pharmaceutical manufacturers to reduce the purchase cost of covered part D drugs. Requires the monthly beneficiary premium for qualified prescription drug coverage and access to negotiated prices to be uniform nationally.

Provides for auto-enrollment of subsidy eligible individuals in Medicare operated PDPs.

Amends SSA title XIX (Medicaid) to provide for the use of 2005 as base in computing the state clawback provision.

Amends SSA title XVIII (Medicare) to: (1) eliminate cost-sharing for certain full-benefit dual eligibles, and the indexing on the price sharing for dual-eligibles and qualifying low income beneficiaries; (2) expedite low-income subsidies under the Medicare PDP; (3) increase permitted resources to obtain low-income subsidies; and (4) waive the late enrollment penalty for subsidy eligible individuals for first 24 months of non-enrollment.

Sets forth anti-fraud and abuse provisions.

Provides for protection of Social Security benefits against a decrease owing to part D Medicare premium increases.

Extends the annual enrollment periods of the Medicare PDP.

Prohibits a PDP sponsor from removing a covered part D drug from the plan formulary, or otherwise introduce a barrier to access to covered part D drugs, without advance notice.

Directs the Secretary to review benzodiazepine prescription policies to assure appropriateness and avoid abuse.

Eliminates the MA Regional Stabilization Fund and certain Medicare Advantage overpayments.

Requires prompt payment of clean claims by Medicare and Medicare Advantage PDPs.

Prohibits co-branding.

Provides for the: (1) payment of minimum dispensing fees to encourage use of generic drugs; and (2) provision of medication therapy management services.