HB2296 Summary

• Creates annual health insurance coverage, affordability, and cost transparency report due May 1, 2026 and each May 1 thereafter, covering medical cost trends, utilization patterns, benefit changes, enrollment trends, demographic shifts, geographic variations, quality initiatives, inflation impacts, financial assistance availability, out-of-pocket costs, and other cost factors.

• Requires premium rate filings for individual and small group accident and health insurance plans starting plan year 2026, with rates subject to Department of Insurance approval; prohibits unreasonable rate increases and inadequate rates.

• Establishes 30-day public comment period on rate filings posted to Department website, with Department issuing approval/disapproval/modification decision within 60 days; rates automatically deemed approved if no decision issued within 60 days.

• Implements automatic deeming approved process for large employer group accident and health insurance form filings within 90 days of submission (or 120 days if extended), effective January 1, 2025.

• Applies rate review procedures to health maintenance organizations and limited health service organizations by cross-referencing the insurance code requirements.