Creates the Rhode Island Individual Market Affordability Act of 2024 to help reduce out-of-pocket costs for low- and moderate-income consumers enrolled in the health insurance exchanges.
Impact
The bill proposes to create the Health Insurance Individual Market Affordability Fund, which funds the operation and administration of the affordability program. The Act allows for an assessment on health insurance premiums, establishing a revenue stream to subsidize cost-sharing reductions for eligible individuals. Moreover, the director of the Rhode Island health benefits exchange will manage the funds, which can be appropriated from general revenue or federal funding to support the affordability initiatives outlined in the Act. The stipulation that no general revenue is guaranteed for the program could lead to future funding challenges, thus impacting the sustainability of this initiative.
Summary
House Bill H7694, titled the Rhode Island Individual Market Affordability Act of 2024, aims to address the financial strain of healthcare costs on low- and moderate-income individuals enrolled in health insurance through the Rhode Island health benefits exchange. This legislation establishes a state affordability program intended to reduce out-of-pocket expenses, enhancing access to necessary healthcare services for vulnerable populations. The initiative is designed to improve healthcare affordability, thereby aiming to mitigate the negative impacts associated with high healthcare costs and insufficient coverage among residents.
Contention
One of the notable points of contention surrounding H7694 involves the balance of funding and how the affordability subsidies will be allocated. The bill includes provisions for the establishment of an individual market affordability board responsible for determining specific subsidy levels and ensuring that funding is directed toward those who need it most. Nevertheless, concerns may arise regarding the reliance on assessments from health insurance carriers and potential limitations on how effectively the board can respond to fluctuations in healthcare costs or changes in state and federal funding. Additionally, there are implications for state laws regarding healthcare funding and management, which could spark debates on local vs. state control of healthcare policy.
Creates the Rhode Island Individual Market Affordability Act of 2024 to help reduce out-of-pocket costs for low- and moderate-income consumers enrolled in the health insurance exchanges.
Creates the Rhode Island Individual Market Affordability Act of 2024 to help reduce out-of-pocket costs for low- and moderate-income consumers enrolled in the health insurance coverage through the Rhode Island health benefits exchange.
Creates the Rhode Island Individual Market Affordability Act of 2024 to help reduce out-of-pocket costs for low- and moderate-income consumers enrolled in the health insurance coverage through the Rhode Island health benefits exchange.