§31–122.

    (a)    In this section, “Program” means the State–Based Young Adult Health Insurance Subsidies Program.

    (b)    (1)    Subject to paragraph (2) of this subsection, the Exchange, in consultation with the Commissioner and as approved by the Board, may establish and implement a State–Based Young Adult Health Insurance Subsidies Program to provide subsidies to young adults for the purchase of health benefit plans in the individual health insurance market.

        (2)    The Exchange may not implement the Program for calendar years in which funds from the distribution of the assessment under § 6–102.1 of this article are not available.

    (c)    The Program required under this section shall be designed to:

        (1)    reduce the amount that young adults pay for health benefit plans in the individual health insurance market; and

        (2)    target young adults who are not directly impacted by the State Reinsurance Program.

    (d)    (1)    For each calendar year, the Exchange, in consultation with the Commissioner and as approved by the Board, shall establish subsidy eligibility and payment parameters for the Program.

        (2)    In determining the subsidy eligibility and payment parameters required under paragraph (1) of this subsection, the Exchange shall consider:

            (i)    young adults at least 18 years old and under the age of 41 years; and

            (ii)    income groups between 133% and 400% of the federal poverty level.

    (e)    (1)    Subject to available funds and paragraph (2) of this subsection, in each fiscal year, the Exchange may designate funds from the Fund to be used for the Program so that annual subsidies may be provided to young adults who meet the subsidy eligibility and payment parameters established under subsection (d) of this section.

        (2)    (i)    For each of calendar years 2024 and 2025, the funds designated under paragraph (1) of this subsection may not exceed $20,000,000 plus any unspent funds designated for subsidies for young adults in a previous calendar year.

            (ii)    For calendar year 2026 and each calendar year thereafter, the Exchange, in consultation with the Commissioner, may designate funds from the Fund to provide annual subsidies to young adults who meet the subsidy eligibility and payment parameters established under subsection (d) of this section.

    (f)    The Exchange shall adopt regulations implementing the provisions of this section.

    (g)    The Exchange shall adopt regulations to provide a subsidy to cover 100% of the cost of the premium for young adults who have a 0% expected contribution under the subsidy eligibility parameters established under subsection (d) of this section.

    (h)    (1)    The Exchange shall track on a monthly basis expenditures on subsidies provided under the Program, including:

            (i)    the average number of young adults receiving subsidies under the Program; and

            (ii)    the average subsidy amount received by young adults under the Program.

        (2)    The Exchange shall track:

            (i)    the impact the Program has on rates in the individual insurance market; and

            (ii)    the impact of covering 100% of the cost of premiums for qualified participants on effectuation rates and termination for nonpayment rates.

        (3)    The information tracked by the Exchange under paragraphs (1) and (2) of this subsection shall be:

            (i)    posted on the website of the Exchange; and

            (ii)    included in the annual report required under § 31–119(d) of this subtitle.