A bill to establish a system of protection against catastrophic health care costs.

Amends the Internal Revenue Code to allow individuals a limited refundable income tax credit for specified medical expenses (including insurance) paid for themselves, their spouses and dependents. Repeals the current deduction for medical and dental expenses. Applies this credit to taxable years beginning between 1979 and 1983. Directs the Secretary of the Treasury to draft regulations for this program in consultation with the Secretary of Health, Education, and Welfare.