Voluntary Medicare Prescription Drug Plan Act of 2001

Voluntary Medicare Prescription Drug Plan Act of 2001 - Amends title XVIII (Medicare) of the Social Security Act to add a new part D (Voluntary Medicare Prescription Drug Coverage) under which a Medicare Prescription Drug plan eligible individual, not enrolled in a Medicare+Choice plan under Medicare part C (Medicare+Choice), may enroll in the Rx Option coverage for outpatient prescription drugs offered only through private contractors, and subject to payment of a combined deductible ($675) in lieu of the deductibles applied under Medicare parts A (Hospital Insurance) and B (Supplementary Medical Insurance).

Sets the outpatient prescription drug benefit at 50 percent of the lesser of: (1) the cost of such drugs for a year; or (2) $5,000.

Establishes special rules with respect to Medicare supplemental health insurance (Medigap) for individuals enrolled in the Rx Option.