Medicare Ambulatory Mental Health Services Access Act of 1987

Medicare Ambulatory Mental Health Services Access Act of 1987 - Amends part B (Supplementary Medical Insurance) of title XVIII (Medicare) of the Social Security Act to cover 80 percent of the reasonable costs of an individual's first five mental health therapy (psychotherapy or hypnotherapy) visits, half of the reasonable costs of the sixth through 20th visits, and 20 percent of the reasonable costs of the 21st through 30th visits in a year. Sets a $2,700 cap on coverage of such visits for the two years during which this Act remains effective.

Requires the Secretary of Health and Human Services to study the effects this Act's amendments have on the cost, utilization, and quality of Medicare mental health services. Sets forth reporting requirements concerning such study.