Fallback. Under New Section 1860D-13, the Administrator, not later than September 1 of each year, beginning in 2005, would make a determination as to whether there were 2 approved bids. If not, the Administrator would enter into an annual contract with an entity to provide Part D enrollees in the area with standard coverage (including access to negotiated prices) for the following year. The Administrator could enter into only 1 contract for each such area. A single entity could be awarded contracts for more than one such area. The Administrator could not enter into such a contract if the Administrator received two or more qualified bids after exercise of the authority to reduce risk for entities. Entities would be required to meet beneficiary protection requirements.
Appears in 4 contracts
Samples: Medicare Prescription Drug, Improvement, and Modernization Act of 2003, Medicare Prescription Drug, Improvement, and Modernization Act of 2003, Medicare Prescription Drug, Improvement, and Modernization Act of 2003