Offering Patients True Individualized Options Now Act of 2012 or the OPTION Act of 2012 - Repeals Title I of the Patient Protection and Affordable Care Act (provisions related to health insurance and health coverage expansion) and any amendments to such provisions made by the Health Care and Education Reconciliation Act of 2010. Restores provisions of law amended or repealed by such provisions.
Amends Internal Revenue Code provisions relating to health savings accounts (HSAs) to: (1) eliminate the high deductible health plan coverage requirement for HSA participants, (2) increase to $10,000 the maximum dollar amount of the tax deduction for payments to an HSA, and (3) permit Medicare (title XVIII of the Social Security Act) eligible individuals to contribute to an HSA.
Permits: (1) the tax deduction for medical expenses without the gross income percentage limitation, and (2) physicians a tax credit for providing charity care.
Extends continuation coverage under COBRA (health insurance continuation benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985).
Amends title II (Federal Old-Age, Survivors, and Disability Insurance Benefits) of the Social Security Act to require the Secretary of Health and Human Services (HHS) to establish a procedure to enroll a Medicare Part A beneficiary in the Medicare Reform Premium Assistance Program to buy private health insurance.
Amends Medicare provisions to allow certified medical professionals to assess the nature and extent of an emergency room patient's illness or injury to determine whether an emergency medical condition exists.
Amends the Public Health Service Act to allow the sale and purchase of health insurance policies across state lines. Sets forth requirements for and restrictions on such policies.