Territories Medicare Prescription Drug Assistance Equity Act of 2015

Territories Medicare Prescription Drug Assistance Equity Act of 2015 This bill amends titles XVIII (Medicare) and XIX (Medicaid) of the Social Security Act to make certain income-based subsidies available to Medicare prescription drug program beneficiaries who reside in Puerto Rico or another U.S. territory and are otherwise eligible. Current law makes such beneficiaries ineligible for premium and cost-sharing subsidies, but establishes a process for U.S. territories to apply for financial assistance with respect to the provision of Medicare prescription drugs. The bill retains a process for U.S. territories to apply for such assistance, but alters the formula by which the amount of assistance is calculated. Specifically, the bill phases in modifications to the formula that more closely align how assistance is calculated for U.S. territories with how it is calculated for the 50 states and the District of Columbia.