Rhode Island 2022 Regular Session

Rhode Island House Bill H7242

Introduced

1/28/22

Refer

1/28/22

Caption

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.

Latest H7242 Activity

Companion Bills

No companion bills found.

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