Medicare Rx Drug Discount and Security Act of 2001

Medicare Rx Drug Discount and Security Act of 2001 - Amends title XVIII (Medicare) of the Social Security Act (SSA) to add a new part D (Voluntary Medicare Outpatient Prescription Drug Discount and Security Program). Establishes as an independent executive agency a Medicare Prescription Drug Agency, headed by a Commissioner of Medicare Prescription Drugs, who shall establish a Medicare Outpatient Prescription Drug Discount and Security Program under which an eligible beneficiary may voluntarily enroll with an eligible entity and receive described benefits, including a catastrophic benefit. Outlines enrollee protections. Makes the costs of providing program benefits payable from the Medicare Federal Supplementary Medical Insurance Trust Fund.

Establishes a Medicare Competition and Prescription Drug Advisory Board.

Amends SSA title XVIII part B (Supplementary Medical Insurance) to provide for the exclusion of new part D costs from the determination of the Medicare part B monthly premium.

Revises Medicare supplemental health insurance (Medigap) requirements with respect to revision of the 1991 National Association of Insurance Commissioners Model Regulation to accord with this Act.