Emergency Health Insurance Extension Act

Emergency Health Insurance Extension Act - Title I: Continuation Of Employment - Based Health Insurance Coverage For The Unemployed: - Provides that previously employed individuals presently entitled to unemployment compensation and who would be covered by an employment-based health insurance plan shall be entitled to continued health insurance coverage coincident with entitlement to unemployment compensation. Requires employers to provide for such coverage as a condition of (1) declaring payments to employee health insurance plans as tax deductions or (2) maintaining treatment as a nonprofit organization.

Title II: Temporary Health Insurance Protection For The Currently Unemployed - Provides that any individual unemployed during the period between the date of enactment of this Act and the date on which its provisions become effective (four months from the date of enactment, with specified exceptions) who is entitled to unemployment compensation, and who would be covered by an employment-based health insurance plan shall be entitled to continued health insurance coverage under such plan for this period.

Creates on the books of the Treasury of the United States a trust fund to be known as the Federal Emergency Health Insurance Trust Fund to be funded by 100 percent of the one percent excise tax on health insurance premiums imposed on carriers under this Act on health insurance premiums. Creates a Board of Trustees of the Trust Fund to be composed of specified Cabinet members to (1) hold the Trust Fund; (2) report annually to the Congress concerning the operation and status of the Trust Fund; and (3) to review the management and to recommend changes in Federal law as with respect to such Fund.

Provides for the supplementary financing of the Trust Fund in addition to the tax revenues to be appropriated to it.

Title III: Tax Provisions Applicable In Case Of Nonparticipation By Employers Or Carriers - Provides that the deduction allowed to employers for payments to an employment based health insurance plan shall be reduced by one-half in the case where the applicable plan does not provides for coverage of former employees in accordance with the provisions of this Act. Provides that the total amount of any premium tax paid by a carrier with respect to a plan not requiring such coverage for former employees shall not be allowed as a tax deduction. Denies status as a tax-exempt organization to employers and health insurance carriers not offering such post-employment coverage as part of an employment-based health insurance plan.

Title IV: Miscellaneous Provisions - Provides that unemployed individuals not receiving unemployment compensation for a particular week solely due to illness or injury shall be deemed to have received such compensation for such week for the purposes of this Act.