RI Section 1332 State Innovation Waiver and Reinsurance Program

Background/Introduction

Governor Raimondo included in her 2020 budget a state reinsurance program designed to maintain the stability of the individual market and to protect the coverage gains achieved through the Affordable Care Act. The reinsurance program would mitigate premium increases beginning in 2020. The General Assembly passed and the Governor enacted the budget on July 5, 2019.

On July 8, 2019 the State of Rhode Island submitted a Section 1332 State Innovation Waiver Application and supporting appendices to the Centers for Medicare and Medicaid Services (CMS), a division of the United States Department of Health and Human Services (HHS), and the Department of the Treasury. The application sought to waive certain requirements of the ACA with the goal of implementing a state reinsurance program in order to lower premiums in the individual market. Rhode Island’s 1332 Waiver has been approved 1/1/2020 to 12/31/2029.