Medicare Prescription Drug, Improvement, and Modernization Act also termed as Medicare Modernization Act or MMA is a federal law of the United States, passed in 2003. It led to the biggest revamp of Medicare Insurance Plan in the public health program’s history.
The MMA was signed by President George W. Bush on December 8, 2003, after being consented by the Congress by a close margin. Its most hyped change is the introduction of an entitlement benefit for prescription drugs, through tax breaks and subsidies.
In the years since Medicare Plan’s creation in 1965, the role of prescription drugs in U.S. patient care has considerably improved. With the use of new and expensive drugs, patients, mainly senior citizens for whom Medicare Insurance was planned consider prescriptions difficult to manage to pay for. The MMA is aimed at addressing this problem.
It offers a subsidy for large employers to dissuade them from getting rid of private prescription coverage to retired workers. It forbids the Federal government from negotiating discounts with drug companies. It also averts the government from setting up a formulary, though it does not stop private providers such as HMOs from doing so.
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