Requires study and implementation of reference-based pricing for SHBP and SEHBP.

This bill requires New Jersey's State Health Benefits Commission and School Employees’ Health Benefits Commission to study and implement reference-based pricing for state and school employee health insurance programs. It directs them to evaluate costs, impacts on medical services (like imaging and surgeries), and existing models in other states, with a final report due within 180 days. If approved, the commissions must implement reimbursement limits tied to Medicare rates for new insurance contracts within one year, requiring written documentation of how rates were set and expected savings. This directly affects state and school employees covered under these health benefit programs by changing how healthcare providers are paid.