Health Insurance Affordability and Equity Act of 2001

Health Insurance Affordability and Equity Act of 2001 - Amends the Internal Revenue Code to allow a limited credit for qualified health insurance costs paid for by an individual during a period when the individual was not covered by qualified health insurance and was not eligible to participate in any employer provided group health plan.

Provides for the deduction of the qualified health insurance costs of employees and the self-employed.