Private Option Health Care Act

Private Option Health Care Act - Repeals the Patient Protection and Affordable Care Act (PPACA) and the Health Care and Education Reconciliation Act of 2010 and restores the provisions of law amended or repealed by such Acts as if such Acts had not been enacted.

Amends the Internal Revenue Code to: (1) revise the refundable tax credit for the health insurance costs of individual taxpayers to allow a full credit for health insurance plus the amount contributed to a health savings account; (2) permit up to $500 of unused health benefits under a health flexible spending arrangement to be carried over to a succeeding plan year or paid directly to an employee as compensation; (3) revise the tax deduction for contributions to a health savings account (HSA) to increase the allowable amount of such deduction and repeal the requirement for coverage under a high deductible health plan; (4) repeal the 7.5% adjusted gross income threshold for the tax deduction for medical expenses; (5) allow a tax credit for the purchase of insurance against negative outcomes from surgery, including those caused by physician malpractice; and (6) allow an exclusion from gross income for damages awarded for medical malpractice in binding arbitration.

Permits interstate purchase of health insurance.

Amends the Federal Food, Drug, and Cosmetic Act (FFDCA) to repeal provisions restricting the importation of prescription drugs.