Bill > H7466

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 offer various forms of assistance, including supplemental state premium assistance payments to lower monthly premiums for those already receiving federal premium tax credits, and additional premium assistance for individuals who exceed federal income limits for those credits. It also allows for subsidies to reduce cost-sharing, which are the expenses individuals pay for covered healthcare services like deductibles and copayments. The bill establishes a dedicated fund for these affordability programs and administrative costs, with the General Assembly responsible for appropriating sufficient state general revenue to supplement federal funding and other sources. The exchange advisory board, whose composition is modified by this bill to include more diverse stakeholder representation, will make recommendations on the program's design, including how funds are allocated and eligibility parameters, with the director required to consider these recommendations when establishing program rules. This act will take effect upon its passage.

Budget and Finance

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