Basic Health Insurance Tax Credit and Medical Assistance Act

Basic Health Insurance Tax Credit and Medical Assistance Act - Allows a tax credit against the income tax imposed under the Internal Revenue Code of 100 percent of the amount paid by the taxpayer during the taxable year for basic health insurances.

Allows as a deduction the amount of any expenses paid during the taxable year, and not compensated for by insurance or otherwise, for medical care of the taxpayer, his spouse, and his dependents, and for medical care of any other person who is needy or indigent, to the extent that such expenses so paid during such year are in excess of $500.

Provides for treatment of medical expenses incurred on behalf of needy or indigent persons as charitable contributions, if the payment of such expense is made to or through an organization contributions to which are deductible as charitable contributions.

Authorize the President to study the adequacy of the use of the refundable tax credit for premiums for basic health insurance in meeting the health care needs of the Nation as an alternative to medicaid, medicare, and all other Federal medical assistance and health care programs, and to report to the Congress on his findings and conclusion not later than July 1, 1978.