Advancement of Geriatric Education Act of 2001

Advancement of Geriatric Education Act of 2001 - Amends title XVIII (Medicare) of the Social Security Act (SSA) with respect to payment to hospitals for inpatient hospital services to: (1) provide that, with respect to specified cost reporting periods, in applying the limitations regarding the total number of full-time equivalent residents in the field of allopathic or osteopathic medicine under provisions on payments for direct and indirect graduate medical education (GME) costs for a hospital, the Secretary of Health and Human Services shall disregard up to a specified maximum number of residents enrolled in an approved geriatric residency or fellowship program under certain circumstances; and (2) provide that in the case of an individual enrolled in an approved geriatric residency or fellowship program, the period of board eligibility and the initial residency period shall be the period of board eligibility for the subspeciality involved, plus one year under provisions on payments for direct GME costs.

Amends the Public Health Service Act to increase, provide for, and make other specified funding-related changes with respect to certain geriatric matters.