Basic Health Insurance Tax Credit and Medical Assistance Act

[AI summary unavailable — showing source text] Basic Health Insurance Tax Credit and Medical Assistance Act - States as the purposes of this Act the establishment of a system of protection against medical costs and the involvement of the private health insurance industry in the provision of medical care for the needy and indigent. Amends the Internal Revenue Code to allow individual taxpayers a refundable income tax credit for amounts paid during the taxable year for basic health insurance. Requires that any insurance plan purchased by the taxpayer contain a $1,000 deductible, a co-payment provision for 25 percent of costs up to $25,000, and no co-payment requirement for expenses in excess of $25,000. Permits the taxpayer to elect to apply a credit for health care premiums to the two preceding or succeeding years of the taxable year. Allows an income tax deduction for the medical expenses, not otherwise covered by insurance, of the taxpayer and his dependents, and for the medical care of a needy or indigent individual, to the extent that such expenses exceed $500. Treats the payment of medical costs for a needy or indigent person (not a dependent of the taxpayer) which is made to a charitable organization on behalf of such pers…