Payment parameters

33-22-1314 . Payment parameters. (1) The board shall design and adjust the payment parameters to ensure that the payment parameters will: (a) stabilize or reduce premium rates in the individual market; (b) increase or maintain participation in the individual market; (c) mitigate the impact high-cost individuals have on premium rates in the individual market; (d) consider any federal funding available for the plan; and (e) consider the total amount available to fund the plan. (2) The attachment point must be set by the board at $40,000 or more but may not exceed the reinsurance cap. (3) The coinsurance rate must be set by the board between 50% and 80%. (4) The reinsurance cap must be set by the board at $1 million or less. (5) The board may adjust the payment parameters annually to the extent necessary to secure federal approval of the state innovation waiver.