This bill mandates that the Director of the Office of Management and Budget in the Department of the Treasury and the Assistant Commissioner of the Division of Medical Assistance and Health Services in the Department of Human Services prepare and submit an annual report to the Governor and the Legislature. The report will identify unencumbered or unallocated State funds available for NJ FamilyCare and evaluate the quality of care provided to beneficiaries. Additionally, it will compile a prioritized list of the 12 most urgent policy changes and legislative actions needed to address any identified deficiencies in care, along with the necessary State funds for implementation.

The bill emphasizes the importance of NJ FamilyCare, which encompasses the Medicaid program and the Children's Health Insurance Program, in providing health insurance to low-income residents of New Jersey. It also requires the State Treasurer and the Commissioner of Human Services to adopt rules and regulations to implement the provisions of the act, ensuring that the evaluation and prioritization of initiatives are conducted effectively. The act is set to take effect immediately upon passage.