Senior Citizen's Improved Quality of Life Act

Senior Citizen's Improved Quality of Life Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to require the Managing Trustee of the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund (Social Security trust funds) to ensure that the annual surplus of the Social Security Trust Funds is invested in: (1) marketable interest-bearing obligations of the United States or obligations guaranteed by the United States; or (2) certificates of deposit in insured depository institutions. Prescribes a formula for determining the annual surplus of the Trust Funds.

Prohibits any delay in making normal deposits in such Trust Funds, any refraining from making such investments to avoid increasing the public debt, or any disinvestment of Trust Fund amounts invested in public debt obligations to reduce the public debt. Requires the sale of Trust Fund public debt obligations, despite the public debt limit, for the payment of cash benefits and administrative expenses in certain circumstances.

Prohibits the crediting for OASDI coverage of any wages earned, and self-employment income derived, by individuals during any time they were not U.S. citizens or nationals.

Revises the President's authority to enter into agreements establishing totalization arrangements between the U.S. Social Security System and the social security system of any foreign country. Extends such authority to arrangements to resolve entitlement and participation questions about the respective systems, taking into account the limitation placed by this Act on the crediting of wages and self-employment.

Amends SSA title XVIII (Medicare) to repeal the physician or practitioner affidavit requirements for private, non-reimbursement contracts with Medicare beneficiaries.

Declares that no persons otherwise eligible for old-age benefits under Social Security shall be denied such benefits because of their voluntary refusal to participate in any part of the Medicare program.

Amends the Internal Revenue Code to: (1) repeal the inclusion in gross income of Social Security benefits; and (2) allow a nonrefundable tax credit for 80% of the amount paid for a prescribed drug (not compensated for by insurance or otherwise) by a taxpayer who has attained Social Security retirement age.

Amends the Federal Food, Drug, and Cosmetic Act (FFDCA) to repeal certain requirements relating to the importation of prescription drugs. Allows a person who meets applicable legal requirements to be an importer, with an approved import application, to import a prescription drug. Requires the Secretary to approve such an application if the drug meets all FFDCA requirements for admission into the United States, including approval by the Food and Drug Administration (FDA), and absence of adulteration or misbranding.

Prohibits the Secretary from taking any action against any of the persons involved with the interstate sale of a prescription drug through an Internet site if: (1) the sale was made in compliance with applicable federal and state laws; and (2) accurate information regarding compliance with such laws is posted on the website.