NY S06695

Expands the elderly pharmaceutical insurance coverage program to accept drug plans comparable to Medicare Part D, in addition to Medicare Part D enrollment, if the alternative plan provides coverage as generous as or more generous than the standard Medicare Part D benefit.

Allows the program to pay premiums for alternative comparable drug plans for eligible participants with individual annual income ≤$23,000 (unmarried) or joint annual income ≤$29,000 (married), limited to the low-income benchmark premium amount.

Authorizes the elderly pharmaceutical insurance coverage program to represent participants with comparable drug coverage in addition to Medicare Part D coverage.

Permits the program to pay for drugs covered by comparable plans or drugs in Medicare Part D excluded drug classes, provided the drug is covered and the participant meets co-payment requirements.

Takes effect immediately upon enactment.