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 financial burden of high 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 the program based on recommendations from the exchange advisory board, which will consist of various stakeholders, including health insurance carriers, healthcare providers, and consumer representatives, ensuring a diverse range of perspectives in decision-making.

The bill outlines the responsibilities of the director and the advisory board in allocating funds and establishing regulations for the program. Additionally, it mandates that the exchange submit an annual report to the General Assembly regarding the program's costs and effectiveness. The act will take effect upon passage, signifying a commitment to enhancing healthcare affordability in Rhode Island.

Statutes affected:
7466: 42-157-7