Bill > S2255

This bill enacts the Rhode Island Individual Market Affordability Act of 2026 to establish a state program aimed at reducing out-of-pocket healthcare costs for low- and moderate-income individuals who purchase health insurance through the Rhode Island Health Benefits Exchange, referred to as the "exchange." The program, managed by the director of the exchange, will provide state premium assistance payments to lower monthly premium expenses for eligible individuals, including those who receive federal premium tax credits (a federal subsidy to help pay for health insurance) and those who are over the federal income limit for those credits. It also allows for subsidies to reduce cost-sharing, which are the patient's share of the costs of healthcare services, such as deductibles, copayments, and coinsurance. The bill establishes a dedicated fund for this program, with the General Assembly appropriating state general revenue to supplement federal funding sources, and outlines how this fund will be utilized. Additionally, it modifies the composition of the exchange's advisory board, expanding its membership to include a broader range of stakeholders, including consumers who struggle with healthcare costs, to ensure diverse perspectives in program design and recommendations. The act takes effect upon passage.

Health and Social Services

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