The bill introduces significant modifications to health insurance regulations in Minnesota, particularly concerning Medicare supplement benefits and health plan renewability. It establishes a community rate for Medicare-related coverage that applies uniformly to both new and renewal policies. New factors for premium adjustments are introduced, including late enrollment penalties and healthy lifestyle incentives. Health carriers are required to provide written notice before discontinuing individual health plans and must offer alternative coverage options to affected enrollees. Additionally, the bill enhances reporting requirements for the 340B drug program and updates specifications for uniform explanations of benefits, aiming to improve transparency and consumer protections in the health insurance market.

Further amendments focus on prescription drug pricing transparency, requiring manufacturers to report significant price increases for drugs costing $100 or more for a 30-day supply, along with detailed information about the factors contributing to these increases. The bill also mandates that pharmacies and pharmacy benefit managers report acquisition costs and rebates for drugs dispensed to Minnesota residents. It establishes a definition for "controlling person" in relation to hospitals and modifies registration requirements for reporting entities, with an effective date change to 2026. Additionally, the bill creates the Health Equity Advisory and Leadership (HEAL) Council to promote health equity and community engagement, while repealing a section related to geographic accessibility and provider network adequacy.

Statutes affected:
Introduction: 62A.31, 62A.65, 62D.12, 62D.121
1st Engrossment: 62K.10, 13.7191, 60D.15, 60D.21, 60D.23, 62A.31, 62A.65, 62D.12, 62D.121, 62D.221, 62J.461, 62J.51, 62J.581, 62J.84
2nd Engrossment: 62K.10, 62A.31, 62A.65, 62D.12, 62D.121, 62J.461, 62J.51, 62J.581, 62J.84, 144.50, 144.555, 145.987