Programs of All-Inclusive Care for the Elderly (PACE) Coverage Act of 1997

Programs of All-Inclusive Care for the Elderly (PACE) Coverage Act of 1997 - Amends titles XVIII (Medicare) and XIX (Medicaid) of the Social Security Act to: (1) provide for the receipt of Medicare benefits through enrollment in a program of all-inclusive care for the elderly (PACE) program for certain eligible individuals; and (2) establish PACE as a Medicaid State option. Provides for demonstration projects under Medicare allowing PACE providers to be for-profit private entities. Directs the Secretary of Health and Human Services to study and report to the Congress on the quality and cost of providing PACE program services under Medicare and Medicaid under the amendments made by this Act. Directs the Physician Payment Review Commission and the Prospective Payment Review Commission to make annual recommendations on the methodology and level of payments made to PACE providers and on the treatment of private, for-profit entities as PACE providers.