Health Care Affordability Fund; create to reduce premiums and cost sharing for health insurance purchased on the exchange.

HB 590 would create a Mississippi Health Care Affordability Fund financed by a new 3% tax on health insurance premiums collected in the state. The fund would reduce premiums and out-of-pocket costs for Mississippi residents purchasing health insurance through the federal marketplace, including small businesses in the fully insured small group market. It requires the Insurance Commissioner to establish income-based assistance rules and report annually on the program’s impact, with priority for residents under 200% of the federal poverty level. The bill also includes provisions to maintain marketplace coverage if federal healthcare law changes.