Relief and Elimination of the Medicare Enrollment Deadline Penalty (REMEDY) Act of 2007

Relief and Elimination of the Medicare Enrollment Deadline Penalty (REMEDY) Act of 2007 - Amends part D (Voluntary Prescription Drug Benefit Program) of title XVIII (Medicare) of the Social Security Act to: (1) postpone the Medicare part D late enrollment penalty until after 2007; and (2) eliminate such penalties for low-income subsidy-eligible individuals for periods after 2007.

Directs the Secretary of Health and Human Services to establish a method for providing rebates of late enrollment penalties paid for months before the enactment of this Act.