State Care Act of 1992 - Amends the Social Security Act (SSA) to add a new title XXI, State Comprehensive Health Coverage And Cost Containment Demonstration Projects, establishing a program under which the Commission on State-Based Comprehensive Health Care (established below) is required to select States to participate in health coverage and cost containment demonstration projects (State Care projects).

Establishes the Commission on State-Based Comprehensive Health Care (the Commission) to review, approve, and oversee State Care projects. Authorizes appropriations.

Requires States desiring to have State Care projects approved to establish a State Care Plan Development Board through which to develop such projects. Exempts from this requirement States that have enacted comprehensive health care plans (State Care plans) within 12 months of enactment of this Act.

Establishes Federal standards for approval of applications for grants for demonstrations in up to ten States.

Specifies State Care plan requirements, including those for a standard benefit package, cost-control mechanisms, and quality control procedures. Details the various items and services which constitute such package. Sets limits on the amount, scope, and duration of certain benefits under such package. Details cost-sharing and provides for limits on out-of-pocket package expenses.

Authorizes the Commission to award grants to States receiving approval of a State Care project application for: (1) establishment of a data base infrastructure necessary to measure and evaluate State Care plan success in achieving cost containment and access goals; and (2) consolidation of health care budgeting, regulating, financing, and delivery responsibilities of the State. Authorizes appropriations.

Sets forth provisions regarding the payment of expenditures for individuals eligible for Medicaid (SSA title XIX).

Sets forth provisions governing the application of Medicare (SSA title XVIII) and ERISA (Employee Retirement Income Security Act of 1974) with respect to any approved State Care project.

Requires periodic reports by the Commission to the Congress on the reforms undertaken in States participating in State Care projects, along with recommendations for increased Federal funding for reform initiatives. Requires additional Commission reports on continued financing of State Care plans and, if no national, comprehensive health care system has been established, on establishing such a system that utilizes the experiences of State Care projects.