Final answer:
To address the lack of a prescription drug benefit in Medicare, the Medicare Prescription Drug and Modernization Act of 2003 introduced a discount card program that helps save Social Security recipients 15-25% annually on prescription drugs.
Step-by-step explanation:
Consumers considering a Medigap (Medicare Supplement) plan must have a Medicare Part A and Part B. These plans are designed to help cover some of the healthcare costs that are not covered by traditional Medicare, such as copayments, coinsurance, and deductibles. Specifically, Medicare's lack of a prescription drug benefit was notably difficult for the elderly and disabled, who often need multiple prescription medications. To address this issue, the Medicare Prescription Drug and Modernization Act of 2003 introduced two types of assistance programs. One of them is a prescription drug discount card program, which can result in savings for Social Security recipients of approximately 15 percent to 25 percent annually on their prescription drugs. This act aimed to alleviate the financial burden of medications for Medicare beneficiaries.