Proposed Bill No. 188 aims to establish a state-operated reinsurance program designed to cover claims for specific health benefits under qualified health plans. The bill mandates the state to seek a waiver from the federal government, which would allow the reinsurance program to be funded by reallocating premium tax credits and cost-sharing reductions that would have otherwise been provided to enrollees. Additionally, the bill requires the Office of Health Strategy to consider the effects of primary care spending targets on funding for individuals with developmental disabilities and to implement a program for prescription drug benchmarking.

Furthermore, the bill establishes a task force to study the impact of spread pricing in prescription drugs and explore potential savings through current and alternative programs for pooling the purchasing of these drugs. The overall purpose of the bill is to reduce healthcare costs in the state while ensuring that vulnerable populations receive the necessary support.