Amends title XVIII (Medicare) of the Social Security Act to authorize the President to enter into agreements establishing reciprocal arrangements between Medicare programs and the program of any foreign country providing similar services to individuals either directly or by insurance payments. Requires that any such agreement specify: (1) the nature and extent of payment to be made to or on behalf of the individuals entitled to benefits; (2) limitations on the nature and duration of health services and on entitlement of individuals to benefits on a reciprocal basis; and (3) the methods by which the cost of providing health services on a reciprocal basis shall be shared by the United States and the foreign country.

Directs the Secretary of Health and Human Services to make rules and regulations and establish procedures necessary to implement and administer such agreements. Authorizes the Secretary to enter into interim arrangements with any hospital in a foreign country which is accredited by the Joint Commission on Accreditation of Hospitals or such other hospitals as the Secretary finds meet specified health and safety standards.