H.833 proposes the establishment of a study committee to assess the feasibility of creating a public option for a high-deductible health insurance plan, which would be administered by private insurers and could be paired with health savings accounts. The bill outlines specific parameters for the plan, including initial participation from public employees, voluntary buy-in options for other groups, and reimbursement caps for providers at 10-15% above Medicare rates, with potential adjustments for rural areas. The committee is tasked with analyzing various factors such as actuarial models, funding options, and the integration of public employees into a single risk pool, and is required to submit a report and draft legislation for a pilot program by January 15, 2027.

Additionally, if the plan is implemented, the bill mandates that the administering health insurer provide a statewide comparison tool for prices and quality metrics. Participants would be responsible for premiums, deductibles, and other costs, with provisions for unpaid balances to be treated as public debts. The bill also includes requirements for public employers to maintain their premium contributions, offers a premium tax credit for small businesses, and establishes a fund to stabilize premiums through various financial mechanisms. Furthermore, it mandates that healthcare facilities disclose their prices and fees publicly.