Bill > H5996

This bill creates the Rhode Island Individual Market Affordability Act of 2024, establishing a state-based program to reduce out-of-pocket healthcare costs for low- and moderate-income consumers who purchase health insurance through the Rhode Island health benefits exchange. The bill creates a new Individual Market Affordability Board responsible for recommending how to allocate program funds, which will be used to provide supplemental state premium tax credits, reduce cost-sharing for eligible individuals, and cover administrative costs. The program will be funded through a dedicated restricted receipt account, with initial funding set at a minimum of $20 million for the 2026 coverage year, potentially increasing to $40 million if federal premium tax credits become less generous. The board will consist of 14 members, including representatives from health insurance carriers, healthcare providers, consumer advocates, and individuals who struggle to afford health insurance. The bill aims to improve healthcare affordability by adjusting premium percentages based on household income, with the goal of making health insurance more accessible for Rhode Islanders across different income levels.

Budget and Finance

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