The bill establishes the Rhode Island Comprehensive Health Insurance Program (RICHIP), a universal, comprehensive, and affordable single-payer healthcare system aimed at providing healthcare to all Rhode Islanders. It recognizes healthcare as a human right and seeks to address the inefficiencies and high costs associated with the current multi-payer system. The program will be managed by a state-owned health insurance company, consolidating existing government and private payments into a more efficient system funded by progressive taxes.

Key provisions include the integration of RICHIP with federal programs like Medicare and Medicaid, ensuring coverage for a wide range of medically necessary services, and the establishment of a RICHIP trust fund to finance the program. The bill outlines the legislative findings and purpose, emphasizing the need for a single-payer system to improve access to healthcare and reduce costs.

The bill also introduces significant amendments to existing laws, including the restructuring of the Rhode Island Life and Health Insurance Guaranty Association Act. It establishes new healthcare programs such as the Hospital Incentive Program and Nursing Facility Incentive Program, and mandates the development of standardized claims processing procedures.

Additionally, the bill outlines a timeline for transitioning away from managed care entities by 2030, with all payments to be provided directly by the state without an intermediate payment to a managed care entity or other form of health insurance company. It raises the tax rate on insurance premiums and authorizes the issuance of capital development bonds for various healthcare projects, all aimed at enhancing the efficiency and accessibility of healthcare services in Rhode Island.

The act will take effect upon passage, but the RICHIP program will not come into operation until the necessary waivers are obtained and the final financing proposal is approved by the General Assembly.

Statutes affected:
8126: 27-34.3-7, 27-66-24, 28-57-5, 40-8.4-13, 42-12.3-14, 44-17-1