Preserving Access to Affordable Drugs Act of 2005 - Amends part D (Voluntary Prescription Drug Benefit Program) of title XVIII (Medicare) of the Social Security Act to: (1) allow employer contributions on drug costs to count towards the annual out-of-pocket limit; and (2) provide for direct subsidies for certain State pharmaceutical assistance programs.
Directs the Secretary of Health and Human Services to ensure that employer-based plans receive the same subsidization as the Medicare prescription drug plans.
Amends SSA title XIX (Medicaid) to ensure that States can provide supplemental Medicaid prescription drug coverage to complement the Medicare drug benefit for seniors who are dually eligible for Medicare and Medicaid.
Repeals the comparative cost adjustment program under Medicare.
Amends SSA title XVIII part D to allow the provision of wrap-around prescription drug coverage through Medigap.
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