S.1298 - Federal Government - A bill to amend the Social Security Act to establish a Federal Reinsurance Program for Catastrophic Health Care Costs.

Healthy Businesses, Healthy Workers Reinsurance Act of 2007 - Amends the Social Security Act to add a new title XXII (Federal Reinsurance Program for Catastrophic Health Care Costs).

Establishes within the Department of Health and Human Services an Office of Federal Reinsurance, which shall in turn establish a Federal Reinsurance Program for Catastrophic Health Care Costs to make reinsurance payments to eligible health plans experiencing catastrophic health care costs during a year with respect to a covered individual.

Establishes in the Treasury the Federal Reinsurance for Catastrophic Health Care Costs Trust Fund.