Bill > H7694

This bill creates the Rhode Island Individual Market Affordability Act of 2024 to help reduce out-of-pocket costs for low- and moderate-income consumers enrolled in the health insurance exchanges. The bill establishes a state-based affordability program and a health insurance affordability assessment on premiums collected by carriers to fund the program. The program will provide subsidies to reduce cost-sharing and make payments to carriers to increase the affordability of health insurance coverage on the individual market for eligible individuals. The bill also creates an Individual Market Affordability Board to provide recommendations on the specific terms of the affordability programs.