This bill introduces significant modifications to Minnesota's insurance regulations, particularly concerning Medicare supplement benefits and health plan renewability. It establishes a community rate for Medicare-related coverage that must be uniformly applied to both new and renewal policies, while also allowing for premium increases due to late enrollment. Health plans are mandated to provide guaranteed renewability, with exceptions for nonpayment, fraud, or changes in residency. Additionally, the bill enhances transparency in the 340B drug program by requiring covered entities to report detailed financial information and modifies the requirements for uniform explanations of benefits, allowing for electronic formats while ensuring consistency with paper versions.

Moreover, the bill updates definitions related to prescription drugs and imposes new reporting requirements on drug manufacturers regarding significant price increases, including the necessity to report on the availability of generic versions. It also mandates public posting of prescription drug pricing information and the creation of a quarterly updated list of drugs of substantial public interest. The bill further clarifies the definition of "controlling person" in relation to hospitals, requires hospitals to provide advance notice before ceasing operations or curtailing services, and establishes the Health Equity Advisory and Leadership (HEAL) Council to enhance community representation in health services. Overall, the bill aims to improve consumer protections, transparency, and health equity within the state's health insurance market.

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