The Tricare Premium Reimbursement Program Act establishes a program to reimburse eligible members of the Michigan National Guard for premiums paid under the Tricare reserve select and dental programs. The Department of Military and Veterans Affairs is tasked with creating and operating this program, which will provide reimbursements as long as there are sufficient funds available in the Michigan National Guard member benefit fund. Eligible recipients must meet specific criteria and submit an application to the department, which will provide the necessary forms and instructions on its website.

Additionally, the act mandates that the department promulgate rules to implement the program in accordance with the administrative procedures act of 1969. The act will only take effect if certain other specified bills from the 103rd Legislature are also enacted into law, indicating a coordinated legislative effort to support the benefits for National Guard members.