Medicare Modernization and Solvency Act of 2001

This bill proposes a significant expansion of the Medicare program to include a prescription drug benefit and new options for younger individuals to purchase coverage. It would allow people between the ages of 62 and 65, as well as certain displaced workers aged 55 to 62, to "buy into" Medicare before reaching the traditional eligibility age. Additionally, the legislation aims to protect retirees by extending COBRA health benefits for those who lose their employer-sponsored retiree coverage.

For current Medicare beneficiaries, the bill would change how private Medicare+Choice (now known as Medicare Advantage) plans are funded and introduce new programs to coordinate care and improve patient health outcomes. It also seeks to increase financial assistance for low-income seniors and improve access to supplemental insurance for individuals with disabilities. Ultimately, the bill is designed to modernize Medicare’s benefits while implementing new financial oversight measures to ensure the program's long-term solvency.