Territories Medicare Prescription Drug Assistance Equality Act of 2023

This bill (HR 4028) updates Medicare and Medicaid rules to provide equal prescription drug assistance for residents of U.S. territories (like Puerto Rico, Guam, and the U.S. Virgin Islands). It changes the poverty line used to calculate Medicare Part D subsidies for territory residents from a lower territorial standard to the standard applied to the 48 contiguous states and D.C., ensuring they receive the same subsidy levels as residents of states. For Medicaid, it establishes a new funding formula starting in 2024 that calculates territory-specific payments based on territory population relative to states. These changes take effect on January 1, 2024, for Medicare and upon enactment for Medicaid, directly affecting territory residents enrolled in these programs.