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. The commissions must evaluate cost impacts, effects on medical services (like radiology and surgery), and compare models used elsewhere, all while using Medicare rates as the reference point for reimbursement limits. Within 180 days, they must issue a report with recommendations, and by one year after the bill's effective date, they must implement this pricing model for all new insurance contracts. The change directly affects state and school employees covered under these health programs by potentially altering how healthcare providers are reimbursed.