The proposed Bill No. 188 aims to establish a state-operated reinsurance program to cover claims for specific health benefits under qualified health plans. Key provisions include the requirement for the state to apply for a federal waiver to fund the reinsurance program by reallocating premium tax credits and cost-sharing reductions that would have been provided to enrollees. Additionally, the bill mandates the Office of Health Strategy to consider the effects of primary care spending targets on funding for individuals with developmental disabilities, implement a program for prescription drug benchmarking, and create a task force to study the impact of spread pricing in prescription drugs.

The bill seeks to address the rising costs of healthcare in the state by introducing measures that enhance the regulation of health care cost growth. The establishment of a reinsurance program and the focus on prescription drug pricing are central to the bill's objectives, which aim to improve affordability and access to healthcare services for residents.