Prescription for Fairness Act of 2006 - Amends title XVIII (Medicare) of the Social Security Act to waive the monthly beneficiary premium under a prescription drug plan or a Medicare Advantage-Prescription Drug (MA-PD) plan during months in which an individual enrolled in such a plan has a gap in the prescription drug coverage. Describes such a gap as the period between the date on which the individual has reached the initial coverage limit and the date on which he or she has reached the annual out-of-pocket threshold.
Directs the Secretary of Health and Human Services to reduce the initial funding of the Medicare Advantage Regional Plan Stabilization Fund to offset the estimated cost of such premium waivers.