Adds a new safe-harbor subparagraph to section 223(c)(2) to ensure a plan will not fail to be treated as a high deductible health plan (HDHP) for plan years beginning on or after January 1, 2026 because the plan lacks a deductible for specified inhaler products.

Amends the table of contents in section 1 of ERISA by inserting a new item for the newly added section (section 726) after the item relating to section 725.

Amends section 1833 of the Social Security Act to (1) add a new clause specifying Medicare Part B payment treatment for specified inhaler products furnished on or after January 1, 2026 (amounts paid shall be 100% of the lesser of actual charge or the applicable payment amount, less $15 per 30-day supply), and (2) amend subsection (b) to provide that the deductible shall not apply with respect to a specified inhaler product furnished on or after January 1, 2026.

Makes a conforming amendment to section 1302(e)(1)(B)(i) of the Patient Protection and Affordable Care Act to reflect the coverage/cost-sharing rules for specified inhaler products (insertion of additional text after existing language). The bill text shows an insertion but does not provide the specific inserted text.

Adds a new section to Part P of title III of the Public Health Service Act (new section 399V–8) establishing a Specified inhaler product payment program under which program-registered providers submit claims for furnishing specified inhaler products to uninsured individuals and the Secretary, subject to availability of appropriations, pays such providers an amount determined appropriate by the Secretary (program begins January 1, 2026).