The bill amends RCW 43.71.095 to phase in the requirement that only standardized health plans may be offered on the health benefit exchange in Washington State. It establishes a timeline for health carriers to offer standardized plans, with a gradual reduction in the ability to offer nonstandardized plans. Specifically, starting January 1, 2025, health carriers can offer a limited number of nonstandardized plans, and by January 1, 2026, nonstandardized silver plans will no longer be permitted on the exchange. Additionally, the bill mandates that the exchange must conduct an annual review to ensure that standardized health plans maximize federal funding and provide adequate choice for individuals with health conditions.

Furthermore, the bill introduces a new section requiring the exchange to evaluate the impact of prohibiting nonstandardized silver plans and to consider a phased approach toward a fully standardized market. The exchange is tasked with reporting its findings and recommendations to the legislature by December 1, 2028, and this section will expire on January 1, 2029. Overall, the bill aims to enhance the predictability and affordability of health plans available to consumers while ensuring compliance with state and federal regulations.

Statutes affected:
Original Bill: 43.71.095
Substitute Bill: 43.71.095
Engrossed Substitute: 43.71.095