Universal Coordinated Care Act of 1992

[AI summary unavailable — showing source text] Universal Coordinated Care Act of 1992 - Amends the Internal Revenue Code to allow an individual a tax credit for amounts paid by or on behalf of such individual to a health services account for the payment of qualified health expenses. Limits such credit to $1,500. Limits contributions to such accounts to $3,000. Defines qualified health expenses as: (1) care of the distributee at a skilled nursing facility; (2) care of the distributee at an intermediate care facility; (3) care at any other long-term facility, licensed by the State, which provides nursing or custodial care; (4) home health care of the distributee; or (5) health services supplemental policies for the distributee (established by this Act). Provides for the certification of a health services supplemental policy as a health insurance policy or other health benefit plan offered by a private entity to an individual which provided reimbursement for expenses incurred, or services for catastrophic and long-term care. Requires any amount distributed out of a health services account to be included in the taxable income of the distributee. Imposes a penalty on distributions not used to pay qualified health expenses. Declares …