Medicare for the 21st Century Act

Medicare for the 21st Century Act - Amends title XVIII (Medicare) of the Social Security Act to add a new part D (Voluntary Medicare Outpatient Prescription Drug Discount and Security Program). Directs the Secretary of Health and Human Services to establish a Medicare Outpatient Prescription Drug Discount and Security Program under which an eligible beneficiary who voluntarily enrolls in such program is provided: (1) access to negotiated prices through an eligible entity with a contract under the program that has been selected by the beneficiary; (2) catastrophic coverage under the program; and (3) a prescription drug account and a public contribution into such account. Provides that, in estimating the benefits and administrative costs which will be payable from the Federal Supplementary Medical Insurance Trust Fund for a year for purposes of determining the monthly premium rate under Medicare part B (Federal Supplemental Medical Insurance), the Secretary shall exclude an estimate of any benefits and administrative costs attributable to application of the new part D program.

Amends SSA title XIX (Medicaid) to provide for verification of eligibility for benefits under the new part D program.