Medicare Catastrophic Equity Act of 1989 - Title I: One-Year Delay in Implementation of Certain Provisions in the Medicare Catastrophic Coverage Act of 1988 - Delays, for one year, the implementation of the Medicare Catastrophic Coverage Act of 1988, except for provisions of such Act expanding benefits under part A (Hospital Insurance) of title XVIII (Medicare) of the Social Security Act.

Title II: GAO Report on Cost and Effect of Medicare Catastrophic Coverage Act of 1988 - Directs the Comptroller General to provide for a study and report to the Congress, within six months of this Act's enactment, on the cost and effect of the Medicare Catastrophic Coverage Act of 1988, including: (1) the effect such Act has on Medicare beneficiaries who have Medicare supplemental health insurance coverage or who otherwise have full health insurance coverage; (2) the increase in the part B (Supplementary Medical Insurance) monthly premium which would be required if the supplemental Medicare premium were repealed; (3) a comparison of Medicare benefits added by such Act and the benefits offered under Medicare supplemental health insurance policies; and (4) alternative equitable levels for deductibles, premiums, and out-of-pocket expense limits for Medicare catastrophic health care coverage.