Medicare Funds Recovery Act of 1992

Medicare Funds Recovery Act of 1992 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act), as amended by the Budget Enforcement Deficit Control Act of 1990, to authorize adjustments to discretionary spending limits to allow for funding Medicare payment safeguard activities.

Requires the President's budget to include such funding as a separate account. Amends Federal law to require a detailed explanation of Medicare payment safeguard activities expenditures and projections of revenues recovered under rules relating to Medicare secondary payer activities, provider audits, medical and utilization reviews, and waste, fraud, and abuse. Requires the Secretary of Health and Human Services to report annually to specified congressional committees on the actual costs avoided via safeguards, the actual sums recovered which were inappropriately paid, and amounts identified as owed to Medicare but not recovered.