Farm and Rural Medical Equity Reform Act of 1992

[AI summary unavailable — showing source text] Farm and Rural Medical Equity Reform Act of 1992 - Title I: Deductibility of Health Insurance Expenses for the Self-Employed - Amends the Internal Revenue Code to increase the deduction for health insurance costs of self-employed individuals from 25 percent to 100 percent. Title II: Medical Savings Accounts - Allows individuals a tax deduction for contributions made to a medical care savings account established for the benefit of an eligible individual. Defines an eligible individual as: (1) one who is not covered by an employer-provided group health plan; or (2) one who is covered by such a plan which is a qualified catastrophic coverage health plan and is not covered by an other health plan. Makes such accounts tax-exempt, but subject to taxes imposed on unrelated business income of charitable, etc. organizations. Allows such deduction in arriving at adjusted gross income. Establishes an excise tax for excess contributions to medical care savings accounts and makes such accounts subject to the tax on prohibited transactions. Allows the transfer of unused amounts in flexible spending accounts of cafeteria plans to medical savings accounts. Provides special rules for transfers to c…