The proposed bill, titled the "Rhode Island Individual Market Affordability Act of 2026," aims to establish 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 in the General Laws, which includes definitions, the establishment of the affordability program, and the creation of a dedicated program fund.

The program is designed to mitigate the impact of high and rising healthcare costs by providing state premium assistance payments and cost-sharing reductions for eligible individuals, thereby improving the affordability of health insurance coverage. The director of the exchange is authorized to implement affordability programs based on recommendations from the exchange advisory board and to seek additional funding sources, including federal or external funding, to support the program.

The advisory board will consist of fourteen voting members, including representatives from health insurance carriers, healthcare providers, healthcare advocacy organizations, businesses that provide health insurance, and consumers of healthcare. The board is tasked with recommending the allocation of program funds and parameters for identifying subsidized populations.

Additionally, the bill mandates that the exchange submit an annual report to the General Assembly on the program and its associated costs. The act will take effect upon passage.

Statutes affected:
2255: 42-157-7