Older Americans Alternative Care Act of 1987

Older Americans Alternative Care Act of 1987 - Title I: Medicare Amendments - Amends title XVIII (Medicare) of the Social Security Act to remove the homebound requirement for home health services. Includes periodic chore and respite care services as home health services. Permits home health services to be provided in an adult day care center. Title II: Senior Companion Program - Amends the Domestic Volunteer Service Act to authorize the Director of the Action Agency to make grants or contracts under the National Older Americans Volunteer Program to establish senior companion programs. Increases authorized appropriations for such programs. Title III: Income Tax Credit for Maintaining Households Which Include Dependents Who Have Attained Age 65 - Amends the Internal Revenue Code to authorize an income tax credit for an individual who maintains in his or her home a household for a dependent over age 65.