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Prescription Drug Discount Card Program

A program developed by the Medicare Modernization Act of 2003 that offers eligible Medicare beneficiaries access to discount prices (10 to 25 percent) on a variety of prescription drugs. The program offers certain low-income individuals a $600 per year subsidy towards drug coverage.

Moral Hazard

A term referring to the likelihood of individuals making different choices due to insurance coverage; usually refers to people over-using medical services.