Prescription Coverage Now Act of 2007 - Amends part D (Voluntary Prescription Drug Benefit Program) of title XVIII (Medicare) of the Social Security Act to direct the Secretary of Health and Human Service to provide for an expedited process for the qualification for low-income assistance through a request to the Secretary of the Treasury for tax return and other information sufficient to identify: (1) whether the individual involved is likely eligible for subsidies; and (2) the amount of premium and cost-sharing subsidies for which they would qualify based on such information.
Provides for modification of resource standards for determination of eligibility for low-income subsidy and revision of income and asset rules.
Requires indexing of deductibles and cost-sharing above the annual out-of-pocket threshold for individuals with income below 150% of the poverty line.
Requires screening by the Commissioner of Social Security for eligibility under Medicare savings programs.
Creates a special enrollment period for subsidy eligible individuals.
Waives the late enrollment penalty for subsidy eligible individuals.