Basic Health Insurance Tax Credit and Medical Assistance Act

[AI summary unavailable — showing source text] Basic Health Insurance Tax Credit and Medical Assistance Act - Amends the Internal Revenue Code to provide a refundable tax credit for expenses incurred in providing health insurance for the taxpayer, his spouse and dependents. Extends the income tax deduction for medical care to include all expenses greater than $500. Amends Title XIX (Medicaid) of the Social Security Act to allow States to furnish private health insurance plans approved by the Secretary of Health, Education, and Welfare. Directs the Congressional Budget Office to make, and submit to Congress before October, 1980, a report concerning the feasibility of the credit allowed under this Act as a replacement for other Federal health assistance programs.…