The bill establishes the Rhode Island Comprehensive Health Insurance Program (RICHIP), a universal, comprehensive, and affordable single-payer health insurance system aimed at providing coverage to all Rhode Islanders. It seeks to address the limitations of the current multi-payer system, which has resulted in a significant number of residents being uninsured or underinsured. The program will be funded by consolidating government and private payments, replacing high premiums and out-of-pocket costs with lower progressive taxes.

Key provisions of the bill include the creation of a RICHIP board responsible for overseeing the benefits package and budget proposals, as well as coordinating with state and federal healthcare programs. The program will provide comprehensive coverage that aligns with federal standards and will be established after the standard of care funded by Medicaid is raised to a Medicare standard.

The bill also introduces a RICHIP trust fund to manage the financial aspects of the program and outlines the responsibilities of the director in administering the program and ensuring compliance with state and federal laws. Additionally, it imposes a six percent tax on Medicaid payments received by insurance companies and emphasizes the need for transparency in healthcare administration, consumer protections, and the integration of mental health services with primary care.

Overall, the legislation aims to enhance healthcare access, improve health outcomes, and streamline administrative processes within Rhode Island's healthcare system. The act will take effect upon passage, but the RICHIP program will not commence until necessary waivers are obtained and the final financing proposal is approved by the General Assembly.

Statutes affected:
5465: 27-34.3-7, 27-66-24, 28-57-5, 40-8.4-13, 42-12.3-14, 44-17-1, 44-51-3