Medicare Drug Honest Pricing Act of 2006 - Amends title XVIII (Medicare) of the Social Security Act to permit Medicare beneficiaries enrolled in prescription drug plans (PDP's) and Medicare Advantage-Prescription Drug Plans that change their formularies or increase drug prices to enroll in other plans.
Requires PDP sponsor, every November, to disclose to the Secretary of Health and Human Services the negotiated price of each covered part D drug for the following year, and the Secretary, the same month of every year, to make such disclosure available to the public through the Internet website of the Centers for Medicare & Medicaid Services. Requires each PDP sponsor also to inform, by January 10 of each year, part D eligible enrollees in its plan of such negotiated prices.