House Bill 2968 proposes significant changes to the West Virginia Public Employees Insurance Act by establishing a new section, 5-16-33, which outlines the transition of the Public Employees Insurance Agency (PEIA) from a public healthcare entity to a private healthcare insurance company. The bill mandates that PEIA will cease its operations as a public entity effective July 1, 2025, and allows it to continue as a private entity.

Under the new provisions, all funds that were previously allocated to PEIA from employers will be redirected to employees in the form of a monthly payment of $1,100, which will be deposited into a Health Savings Account (HSA). Employees will have the flexibility to choose their healthcare providers using these funds or opt to continue their coverage through PEIA as a private provider. This bill aims to enhance employee autonomy in managing their healthcare expenditures while transitioning PEIA to a private model.

Statutes affected:
Introduced Version: 5-16-33