This bill amends Chapter 176O of the General Laws by adding a new section, Section 31, which defines "health savings account-qualified health insurance policy" as a type of health insurance that meets the criteria for a high deductible health plan under federal law (26 U.S.C. 223). The bill establishes that such policies are exempt from certain state law prohibitions on cost-sharing requirements for covered benefits, provided that this exemption is necessary to comply with the federal criteria for health savings accounts.

Additionally, the new section clarifies that the exemption does not apply to any state-mandated coverage related to preventive care, as defined by federal regulations or guidance from the U.S. Department of the Treasury, for health savings account-qualified policies that are issued, delivered, amended, or renewed while those regulations are in effect. This ensures that preventive care remains covered under state law, even for high deductible health plans.