Medicare Rx Drug Discount and Security Act of 2000

Medicare Rx Drug Discount and Security Act of 2000 - Amends title XVIII (Medicare) of the Social Security Act (SSA) to add a new part D (Voluntary Medicare Outpatient Prescription Drug Discount and Security Program) to create the Commissioner of Medicare Prescription Drugs who shall establish a Medicare Outpatient Prescription Drug Discount and Security Program under which an eligible beneficiary may voluntarily enroll with an eligible private entity and receive described benefits, including a catastrophic benefit. Makes the costs of providing program benefits payable from the Federal Supplementary Medical Insurance Trust Fund. Authorizes appropriations.

Establishes as an independent executive agency a Medicare Prescription Drug Agency to administer the new part D program through the Commissioner. Authorizes appropriations.

Amends SSA title XVIII part B (Supplementary Medical Insurance) to provide for the exclusion of new part D costs from the determination of the Medicare part B monthly premium.

Revises Medicare supplemental health insurance (Medigap) requirements with respect to revision of the 1991 National Association of Insurance Commissioners Model Regulation to accord with this Act.