Medicare Deductible and Coinsurance Reduction Act of 1979

Medicare Deductible and Coinsurance Reduction Act of 1979 - Reduces, under title XVIII (Medicare) of the Social Security Act: (1) the inpatient hospital deductible; and (2) the monthly premiums for hospital insurance for individuals not otherwise eligible for Medicare benefits. Appropriates to the Federal Hospital Insurance Trust Fund the additional amounts required to reimburse the Fund for such additional payments as are caused by the lowering of the inpatient deductibles and monthly premiums.

Increases the benefits payable to each individual covered by the supplementary medical insurance program for the aged and disabled. Reduces deductibles, coinsurance, monthly premium and the charges under such program. Authorizes to be appropriated a Government contribution equal to such amount as necessary to reimburse the Federal Supplementary Medical Insurance Trust Fund for such additional payments as caused by the increased benefits payable to individuals and the reduced deductibles and coinsurance charges.