The "Rhode Island Individual Market Affordability Act of 2025" aims to create a state affordability program to reduce out-of-pocket costs for low- and moderate-income individuals enrolled in health insurance coverage through the Rhode Island health benefits exchange. The bill introduces a new chapter, CHAPTER 157.2, within Title 42 of the General Laws, which outlines definitions, the establishment of the affordability program, and the creation of a dedicated program fund.

The program will provide subsidies and cost-sharing reductions to eligible individuals, with funding sourced from a restricted receipt account within the general fund. The director of the exchange is also authorized to seek additional federal or external funding to support the program.

The bill establishes the Individual Market Affordability Board, responsible for issuing recommendations to the director regarding the specific terms of the affordability programs. The board will consist of various members, including representatives from health insurance carriers, healthcare providers, and consumers, and will consider recommendations from a marketplace coverage affordability work group.

Additionally, the bill amends existing laws regarding indirect cost recoveries on restricted receipt accounts, specifying that the health insurance individual market affordability account shall be exempt from indirect cost recovery provisions. It also updates funding contribution requirements for insurers in the healthcare services sector.

The director is empowered to promulgate necessary regulations to implement the provisions of the act while considering the board's recommendations. The act will take effect upon passage.

Statutes affected:
707: 35-4-27