The bill mandates that the commissioner of commerce apply for a continuation waiver for the Minnesota premium security plan, which is set to begin for benefit years starting January 1, 2028. This application must be submitted to the Secretary of the United States Department of Health and Human Services by December 31, 2026, and it must indicate that the operation of the premium security plan beyond 2027 is dependent on the approval of this waiver. Additionally, the commissioner is required to reapply for the waiver as needed to ensure the plan's ongoing operation.

Furthermore, the bill includes a notification requirement, stipulating that the commissioner must inform the chairs and ranking minority members of the relevant legislative committees, as well as the board of directors of the Minnesota Comprehensive Health Association, about the intent to submit the waiver application and any federal actions taken regarding the request. This aims to enhance transparency and communication regarding the status of the premium security plan and its funding.