A bill to amend title II of the Social Security Act to eliminate the earnings test and reduce the age of eligibility for benefits under the OASDI program, and to amend title XVIII of such act to eliminate all deductibles and coinsurance and provide coverage for drugs, eyeglasses, dentures, hearing aids, and other items under the medicare program.

Eliminates the earnings test for eligibility for benefits under the old-age, survivors, and disability insurance program (Title II of the Social Security Act).

Reduces age requirements from 65 to 62 and from 62 to 60 for specified benefits under that title.

Changes the definition of wages from social security benefits in relation to income taxes.

Reduces to age 55 specified eligibility requirements for widow's and widower's insurance benefits under the Social Security Act.

Eliminates all deductibles and coinsurance under Medicare.

Allows coverage for qualified drug expenses under the hospital insurance program. States that such coverage shall be reduced, for each prescription, by a one-dollar copayment.

Requires such drugs to be dispensed by a licensed pharmacy.

Establishes within the Department of Health, Education, and Welfare a Formulary Committee to compile and publish a Formulary of the United States listing all drugs qualified for coverage under this Act.

Defines maximum allowable cost for such qualified drugs.

Allows a fee rebate for licensed pharmacies providing services under this Act.

Extends coverage under the supplementary medical insurance program to include eye care, dental care, dentures, hearing aids, foot care, and flu shots.