S.2706: A bill to impose a limitation on lifetime aggregate limits imposed by health plans.

Health Insurance Coverage Protection Act - Amends the Employee Retirement Income Security Act (ERISA) and the Public Health Service Act to prohibit a group health plan from imposing an aggregate lifetime benefit limit of less than: (1) $5 million for the first two plan years; (2) $10 million for the third and fourth plan years; and (3) adjusted amounts based on the consumer price index for subsequent plan years. Excludes from such prohibition a group health plan offered to employees of a small employer, except upon request of the employer for a consistent limit.

Requires the Secretary of Health and Human Services to contract with the Institute of Medicine for a study to determine the number of individuals who have reached the lifetime limitations set forth in this Act.