Medisave Patient Empowerment Act of 1995

Medisave Patient Empowerment Act of 1995 - Amends the Internal Revenue Code to allow individuals a tax deduction for contributions made to a Medisave account established for the benefit of an eligible individual. Limits the amount of allowable contributions. Describes an eligible individual as one who is covered under a catastrophic health plan. Allows the use of a Medisave account to pay for medical care or long-term care expenses of beneficiaries.

Makes such accounts exempt from taxation.

Allows a tax deduction whether or not an individual itemizes deductions.

Disallows distributions from such accounts as medical expense deductions.

Excludes employer contributions to such accounts from employment taxes.

Establishes an excise tax for excess contributions to Medisave accounts.