Protect Social Security and Medicare Act This bill restricts the consideration of legislation if it contains any provision that reduces retirement, health, or other benefits administered by the Social Security Administration or the Centers for Medicare & Medicaid Services. Such legislation may not be considered in the House or the Senate unless two-thirds of the Members agree to consider it. However, the restriction does not apply to the consideration of any provision that reduces payments to Medicare Advantage plans if the provision also increases the amount of payments made for other purposes under Medicare. For this exception to apply, the amount of the increase must be equal to or greater than the amount of the reduction.