MI SB0986

Amends the nonprofit health care corporation reform act to add "public health emergency" as an eligible purpose for health endowment fund grants.

Requires health endowment funds to be organized as charitable nonprofit corporations to receive and administer funds for public welfare, with articles of incorporation including "Michigan" and "health endowment fund" in the name.

Establishes fund purposes including improving health care quality and costs, benefiting children and seniors in areas such as prenatal care, mental health services, wellness programs, and technology enhancements.

Sets disbursement requirements: funds may disburse contributed money annually on a tiered schedule (80% years 1-4, declining to 25% years 13-18), and must maintain $750,000,000 in accumulated principal for ongoing income once that threshold is reached.

Requires eligible funds to disburse $120,000,000 to subsidize individual medigap coverage for Medicare-eligible Michigan residents with financial need, using a means test developed by the director of insurance and financial services and approved by the attorney general.