A bill to ensure that prescription drug benefits offered to medicare eligible enrollees in the Federal Employees Health Benefits Program are at least equal to the actuarial value of the prescription drug benefits offered to enrollees under the plan generally.

Provides that a health insurance contract shall not be made or a health insurance plan approved under the Federal Employees Health Benefits Program which does not offer to Medicare eligible enrollees prescription drug benefits the actuarial value of which is at least equal to the actuarial value of such benefits which are offered to enrollees under a plan generally.

Directs the Office of Personnel Management to establish processes and methods for determining the actuarial value of prescription drug benefits.