The bill, known as "The Medically Necessary Fertility Preservation Act," mandates that health coverage plans providing hospital, medical, or surgical benefits must cover medically necessary expenses for standard fertility preservation services for individuals undergoing medical treatments for cancer that may lead to infertility. It requires coverage for the storage of oocytes and sperm for a minimum of three years, with the option for plans to exclude storage costs thereafter. The bill also prohibits plans from requiring preauthorization for these services, while allowing for maximum benefits and reasonable limitations that do not conflict with the law. Additionally, it allows religious employers to request exemptions based on their beliefs, provided they notify prospective enrollees and allow them to purchase supplemental insurance at their own expense.

The bill includes several amendments, such as modifying the definition of "health coverage plan" to include the office of group benefits programs and establishing an effective date of January 1, 2024, for new policies. Existing policies must conform to the new law by their renewal date, but no later than January 1, 2025. Notably, the provisions of the bill do not apply to plans offered through the federally-facilitated Health Insurance Marketplace until the legislature provides an appropriation. The bill reflects a commitment to ensuring access to fertility preservation services while balancing the needs of various stakeholders, including religious employers.