In a large bowl, combine flour, baking soda, baking powder, salt, cinnamon and nutmeg. Set aside.
In the bowl of your stand mixer fitted with the paddle attachment, cream butter and brown sugar together until smooth. Add eggs, vanilla and molasses and mix until well combined. Pour in flour mixture and mix until everything is just incorporated. By hand using a rubber spatula, fold in rolled oats, butterscotch chips and toffee bits until evenly dispersed throughout dough. Cover dough and chill for a minimum of 2 hours. The longer you chill your dough, the thicker your cookies will be.
Once cookies are done chilling, preheat oven to 350 degrees and grease or line 2 baking sheets with parchment paper.
Roll dough into one round tablespoon of dough per cookie and place 1 1/2" apart on baking sheet. Bake cookies for 12-13 minutes. Allow to cool on pan for 5 minutes before transferring to a wire rack to finish cooling.
Butterscotch Oatmeal Cookies will stay fresh for up to 3 days stored in an airtight container at room temperature.