Health Care Savings Plan Act of 1992

Health Care Savings Plan Act of 1992 - Amends the Internal Revenue Code to allow individuals a tax deduction for contributions made to a medical care savings account established for the benefit of an eligible individual. Defines an eligible individual as: (1) one who is not covered by an employer-provided group health plan; or (2) one who is covered by such a plan which is a qualified catastrophic coverage health plan and is not covered by any other health plan. Allows penalty-free withdrawals from such accounts to the extent that amounts in such accounts exceed $15,000.

Allows such deduction in arriving at adjusted gross income.

Establishes an excise tax for excess contributions to medical care savings accounts and makes such accounts subject to the tax on prohibited transactions.

Allows the transfer of unused amounts in flexible spending accounts of cafeteria plans to medical savings accounts.

Allows the full deduction for medical and dental expenses for amounts paid for qualified catastrophic coverage health plans.