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.

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) hospital and related insurance benefits (hospital, post-hospital and home health services); and (2) medical and other health services.

Directs the Secretary to offer an approved catastrophic health insurance policy in States where an approved policy is not generally available to employers or individuals.

Provides for a general deductible from: (1) hospital and related services; and from (2) medical and other health services.

Permits payments for specified mental health care services.

Sets forth requirements, including coverage requirements, necessary for the approval of health insurance plans by the Secretary.

Establishes an Actuarial Committee to prepare and recommend annually to the Secretary a Table of Values of Catastrophic Health Insurance Coverage, which shall establish the actuarial value of one year's catastrophic health insurance coverage for employers, carriers, and others involved in the programs.

Amends the Internal Revenue Code to establish the catastrophic health insurance tax credit for employers with a payroll of $250,000 or less a year and for individuals not covered by employer plans. Limits the total credits authorized a taxpayer to a maximum of 100 percent of the premiums against which such credits are allowable. Exempts States and local governments from the $250,000 payroll limitation.

Imposes on employers who have failed to insure their employees under an approved catastrophic health insurance plan a tax equal to 150 percent of the amount of premiums that it is estimated such employers would have paid had their employees been so insured.

Title II: Medical Assistance Plan for Low-Income People - Replaces the Medicaid program with a plan of medical assistance for low-income people. Requires assistance for low-income individuals and families, for the costs of necessary hospital, skilled nursing facility, medical, and other health care services.

Guarantees free choice by patients of health services from any person, institution, or agency qualified under this Act. Permits individuals the option of obtaining other health insurance protection.

Describes the medical assistance plan, eligibility requirements, and the application procedure. Enumerates the scope of benefits under the plan, including: (1) 60 days of inpatient hospital services; (2) medical and other health services; (3) skilled nursing facility services; (4) home health services; (5) intermediate care services; (6) mental health services; (7) pre-natal and well-baby care; (8) family planning assistance; (9) early and periodic screening diagnosis, and treatment for eligible children under age 18; and (10) payment for Medicare Supplementary Medical Insurance Benefits for recipients of aid under this title. Prescribes the co-payment requirements and procedures of persons eligible for benefits.

Creates the Medical Coverage Trust Fund within the Treasury. Makes provisions for State contributions to the Fund.

Prohibits exclusion by employers of specified employees from coverage under group health insurance plans.

Title III: Private Health Insurance Certification Program - Establishes a program, under the Social Security Act, under which any insurer may submit any health insurance policy to the Secretary for examination and certification. Sets forth the standards under which the Secretary shall deny certification of any such insurance policy. Requires the Secretary to offer basic Federal health insurance to individuals residing in States in which no private health insurance program has been certified.

Title IV: Other Amendments - Authorizes payments for immunizations which the Secretary determines are appropriate under title XVIII (Medicare) of the Social Security Act, but only if provided on a scheduled allowable basis, as determined under regulations promulgated by the Secretary. Increases the amount of reimbursement under Medicare for outpatient mental health care. Reduces the monthly premium for optional coverage under the Medicare hospital insurance programs. Extends coverage of the renal disease program authorized under such Act to specified individuals not previously covered.

Expresses the policy of Congress to encourage and expand philanthropic support for health care.