A bill to amend the Social Security Act by adding thereto a new title XXI which will require employers to provide insurance against the costs of catastrophic illness for their employees and their families; by providing tax credit to assist other persons to purchase such coverage on their own behalf; by replacing the medicaid program with a Federal medical assistance plan for low-income people, and by adding a new title XV thereto which will encourage and facilitate the availability, through private insurance carriers, of basic health insurance at reasonable premium charges, and for other purposes.

[AI summary unavailable — showing source text] Title I: Catastrophic Illness Insurance - Establishes a Catastrophic Health Insurance Program under the Social Security Act. Requires every employer to provide protection under an approved catastrophic health insurance plan for employees not already under an approved employer plan. States that employers who have a payroll of $250,000 or less will be eligible for a refundable 50 percent tax credit, if they choose such a credit in lieu of claiming premium payments as business expenses, under the Internal Revenue Code. Authorizes individuals not covered under an employer catastrophic health insurance plan to purchase an equivalent individual plan and be eligible for a similar 50 percent credit with respect to premium payments. Defines the term "employer plan" as meaning an insurance policy, contract, or other arrangement entered into between an employer and a carrier, in consideration of premiums or other periodic payments, undertaken to pay for the costs of health services received by the employer's employees. Requires an employer plan or an individual coverage plan to be a plan offered by a carrier approved by the Secretary of Health, Education, and Welfare and to include: (1) hospi…