Elderly Americans' Economic Security Act of 1987

Elderly Americans' Economic Security Act of 1987 - Amends the Internal Revenue Code (IRC) to permit an income tax deduction to an individual taxpayer for the expenses of certain in-home custodial care (personal, as opposed to medical, care) of the taxpayer's elderly (age 65 or older) parent, grandparent, or dependent.

Limits the deduction to the amount of expenses: (1) exceeding five percent of the taxpayer's adjusted gross income; and (2) not paid for by insurance or otherwise.

Prohibits the application of other tax credit or tax deduction provisions to amounts subject to a deduction under this Act.

Includes as charitable contributions (and thus tax deductible) certain medical services and goods provided by a physician or registered professional nurse to an individual age 65 or older. Describes criteria for the valuation of such contributions.

Permits tax-free withdrawals from an individual retirement account or individual retirement annuity if the entire amount is used within 30 days of its receipt to: (1) pay the individual's long-term care expenses; or (2) purchase insurance covering such expenses.

Revises an IRC definition of "group health plan" to permit as an income tax deduction employer contributions to plans providing long-term care expenses.