Voluntary Medicare Option Act

Voluntary Medicare Option Act - Amends title XVIII (Medicare) of the Social Security Act to permit an eligible individual to have the right to receive benefits under an Optional Alternative Medicare Program rather than under part A (Hospital Insurance) and part B (Supplementary Medical Insurance) of title XVIII. Defines an eligible individual as an individual who is an aged individual or a disabled individual and who is not a Medicaid (title XIX of the Act) eligible individual. Sets forth formulas for determining the amount of benefits provided. Provides for the assignment of an eligible individual's benefits to a qualified plan in the case of an individual who elects the Alternative Program and enrolls in a qualified plan. Directs the Secretary of Health and Human Services to establish actuarial categories of eligible individuals to be used to determine health benefits and premiums. Requires the Secretary to act upon each health plan's application for certification as a qualified plan within 45 days of receiving the application. Requires a plan, in order to be qualified, to provide at least the services covered under parts A and B of title XVIII. Requires a plan to accept all eligible individuals residing in the health care area in which the plan is offered and who apply for membership, subject to certain exceptions. Requires a plan to establish for each health care area in which it is offered an annual premium for members in each actuarial category, without regard to the health status of or extent of utilization of health services by individual members. Requires a plan to report annually to the Secretary. Provides for the preemption of any State or local law or regulation which impedes the operation of this Act. Amends the Internal Revenue Code to exclude from gross income any benefits received under this Act. Eliminates the customary charges in determining the amount paid to providers under part A of title XVIII. Exempts certain institutions which are required under the Public Health Service to provide uncompensated care from such requirements if ten percent of the institution's revenues were from plans qualified under this Act.