HI SB3217

Amends Section 87A-33, Hawaii Revised Statutes to modify the annual adjustment mechanism for the base composite monthly contribution of the Hawaii Employer-Union Health Benefits Trust Fund.

Requires a one-time increase of 5.2 percent to the base composite monthly contribution in effect on January 1, 2024, beginning January 1, 2025.

Changes the annual adjustment formula from the previous methodology to base future adjustments on the percentage increase or decrease in Medicare Part B premium rates from the previous plan year.

Defines "Medicare Part B premium rate" as the rate published in the Federal Register on November 1 (or the closest business day) each year after approval by the U.S. Secretary of Health and Human Services and Congress.

Takes effect upon approval.