The bill mandates that the commissioner of commerce in Minnesota apply for a continuation waiver for the Minnesota premium security plan, which is designed to maximize federal funding for health insurance coverage. Specifically, the commissioner is required to submit this application to the Secretary of the United States Department of Health and Human Services by December 31, 2026, for the benefit years starting January 1, 2028, and beyond. The bill emphasizes that the operation of the Minnesota premium security plan after 2027 is contingent upon the approval of this waiver.

Additionally, the bill includes provisions for notification, requiring the commissioner to 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 ensures that key stakeholders are kept informed about the status and implications of the waiver application process.