Medicare-Guaranteed Prescription Drug Act of 2006

Medicare-Guaranteed Prescription Drug Act of 2006 - Amends part D (Voluntary Prescription Drug Benefit Program) of title XVIII (Medicare) of the Social Security Act to provide for a Medicare-guaranteed prescription drug plan option that offers standard prescription drug coverage and access to negotiated prices.

Revises requirements for part D standard prescription drug coverage. Provides for an annual deductible equal to the deductible for Medicare part B (Supplementary Medical Insurance) and for reduced coinsurance.