Pharmaceutical Assistance to the Aged Act

Pharmaceutical Assistance to the Aged Act - Amends title XIX (Medicaid) of the Social Security Act to permit a State plan for medical assistance to provide assistance for outpatient prescribed drugs and other items for individuals who are 65 or older and who are U.S. citizens in the United States or resident aliens and who have incomes below a certain level and are not otherwise eligible for medical assistance under the State medical plan if: (1) the State has in effect a law permitting a licensed pharmacist to substitute a less expensive interchangeable drug for another drug unless a licensed physician provides that a substitution is medically inappropriate; and (2) the State plan provides that the amount of payment will not exceed the cost of the least expensive interchangeable drug. Sets forth requirements governing amounts of payments.

Directs the Secretary of Health and Human Services to provide for informing individuals who are 65 or older and who are entitled to Medicare benefits of the benefits available under this Act in States which have elected to have a program of pharmaceutical assistance for the aged pursuant to this Act.

Requires the Secretary to promulgate final regulations by September 1, 1985, to provide for State implementation of this Act. Provides that this Act shall apply to medical assistance furnished with respect to outpatient prescribed drugs furnished on or after October 1, 1985.

Directs the Secretary to maintain statistical records on State programs of pharmaceutical assistance to the aged to determine the effectiveness and impact of such programs. Directs the Secretary to report to Congress on the programs when the FY 1987 budget for the Department of Health and Human Services is transmitted to Congress.