Medicare Safe Needle Disposal Coverage Act of 2007 - Amends part D (Voluntary Prescription Drug Benefit Program) of title XVIII (Medicare) of the Social Security Act to cover as a part D drug any devices approved for home use by the Food and Drug Administration (FDA) for the safe and effective removal, decontamination, and disposal of needles and the disposal of needles and syringes through a sharps-by-mail or similar program as medically appropriate based on volume of usage.