Children's Health and Medicare Protection Act of 2007

[AI summary unavailable — showing source text] Children's Health and Medicare Protection Act of 2007 - Amends title XXI (State Children's Health Insurance) (SCHIP) of the Social Security Act (SSA) to revise requirements for: (1) SCHIP allotments; (2) enrollment and retention of eligible children; (3) child-centered coverage; (4) optional coverage of older children, legal immigrants, and certain pregnant women; (5) program access (including creation of a Children's Access, Payment, and Equality Commission); and (6) quality and program integrity. Amends SSA title XVIII (Medicare) with respect to: (1) specified benefits; (2) financial assistance for low-income beneficiaries; (3) prescription drugs, formularies, and compendia; and (3) measures, including demonstration projects, for reducing health disparities. Revises requirements for: (1) physicians' service payments; and (2) Medicare Advantage (MA), including payments, beneficiary protections, quality measures, and extension of certain authorities. Renames the Medicare Advantage program the Medicare Part C program. Revises provisions relating to Medicare part A (Hospital Insurance), including inpatient hospital payment updates and long-term care hospitals. Revises specified payme…