Establishing The Rhode Island Rare Disease Medication Accessibility, Affordability, And Reinsurance Act
Impact
The bill mandates the establishment of the rare disease medication reinsurance program, which will enable insurers to receive reinsurance payments for covered drugs, effectively mitigating the impact of these high costs on health coverage provided by insurers. This program is anticipated to begin receiving payments after January 1, 2024. The act also requires that the contribution rates for each covered drug are set based on an advisory council's recommendations, ensuring that pricing and funding are aligned with the necessary medical efficacy of treatments for rare conditions.
Summary
House Bill H7242, known as the Rhode Island Rare Disease Medication Accessibility, Affordability, and Reinsurance Act, aims to facilitate reliable access to high-cost medications that are critical for treating rare diseases. Given the high costs associated with these medications and their financial implications for insurers and municipal programs, this bill introduces a structured program to ensure equitable financing for such treatments. The legislation establishes a rare disease medication reinsurance fund, which will be financed through contributions from insurers, thus helping to distribute the financial burden more evenly across the healthcare system.
Contention
Notably, the legislation opens avenues for potential contention among insurers regarding the imposition of financial contributions and the management of the reinsurance fund. Insurers will not only have to bear the upfront costs associated with contributions but will also be responsible for maintaining detailed records and complying with set payment protocols. Additionally, the bill includes provisions for oversight by the health insurance commissioner to ensure that these contributions are reflected appropriately in health insurance premium rates, which may raise concerns regarding how such costs are absorbed within broader market rates.
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.
Substitute for HB 2570 by Committee on Commerce, Labor and Economic Development - Defining benefit year, temporary unemployment, wages and other terms in the employment security law, requiring electronic filing for certain employers, establishing qualifications for employment security board of review candidates, extending the deadline for new accounts following business acquisitions, making certain changes to the employer rate schedules and lowering rates for new employers, enabling employers to report claimant work search issues, confirming legislative coordinating council oversight for the new unemployment insurance information technology system implementation, authorizing the secretary to grant additional temporary unemployment in certain circumstances, requiring the secretary to publish certain information, abolishing the employment security interest assessment fund and providing relief for negative account balance employers.
Defining benefit year, temporary unemployment and other terms in the employment security law, requiring electronic filing for certain employers, establishing qualifications for employment security board of review candidates, extending the deadline for new accounts following business acquisitions, making certain changes to the employer rate schedules, enabling employers to report claimant work search issues, confirming legislative coordinating council oversight for the new unemployment insurance information technology system implementation, authorizing the secretary to grant temporary unemployment, requiring the secretary to annually publish certain data and abolishing the employment security interest assessment fund.
Defining "benefit year" and "temporary unemployment" in the employment security law, allowing the extension of temporary unemployment; requiring electronic report filing by certain employers, permitting discretion in appointments and terms for the temporary employment security board of review, delaying new account formation after certain business acquisitions, requiring the new unemployment insurance system to allow employer reports regarding claimant compliance and authorizing the legislative coordinating council to extend new system implementation deadlines.