Bill > SB0977

This bill authorizes the Michigan Department of Insurance and Financial Services to apply for a "state innovation waiver" under Section 1332 of the Patient Protection and Affordable Care Act (ACA), which is a federal law designed to expand health insurance coverage. This waiver would allow Michigan to potentially modify certain ACA provisions related to health insurance coverage and establish a "reinsurance program." A reinsurance program acts as a safety net, helping insurers manage the costs of high-risk individuals, thereby stabilizing premiums. The bill mandates that the department make a draft application for this waiver available for public review and comment for 30 days, provide it to relevant legislative committees, and hold a public hearing before submitting the final application. If the federal Department of Health and Human Services approves the waiver, the department will then implement the reinsurance program and report to the legislature on the funding needed for it, including any potential appropriations from the state's general fund. This bill is contingent on the enactment of another bill, Senate Bill No. 973 of the 103rd Legislature.