The "Rhode Island Individual Market Affordability Act of 2025" aims to create a state program to lower out-of-pocket costs for low- and moderate-income individuals enrolled in health insurance through the Rhode Island health benefits exchange. The bill establishes a new chapter, CHAPTER 157.2, which defines the program's framework and the roles of various entities, including the health insurance affordability board and the office of the health insurance commissioner. A key feature of the bill is the creation of the "health insurance individual market affordability account" within the general fund, which will be funded through various sources, including a portion of existing law collections. The director of the Rhode Island health benefits exchange is empowered to implement affordability programs and seek additional funding, with an annual report on the program's progress required for transparency.

The bill also includes significant amendments to existing laws, such as the requirement for the exchange to provide detailed information about the affordability program upon request and the stipulation that excess funds will be deducted from future funding needs. It exempts the new affordability account from indirect cost recovery provisions and clarifies that the state is not required to make general revenue appropriations for the program. Additionally, the bill establishes a new board to oversee the program, consisting of various stakeholders, and introduces a new funding requirement for the health insurance individual market, calculated alongside existing health service funding requirements. The previous requirement for contributions to be made to a specific account has been deleted, allowing for more flexible fund distribution. The act is set to take effect upon passage, reflecting a commitment to enhancing healthcare affordability in Rhode Island.