Health care affordability fund.

A. The "health care affordability fund" is created in the state treasury. The fund consists of distributions, appropriations, gifts, grants and donations. Money in the fund at the end of a fiscal year shall not revert to any other fund. The health care authority shall administer the fund, and money in the fund is subject to appropriation by the legislature for purposes provided by this section. Disbursements from the fund shall be made by warrant of the secretary of finance and administration pursuant to vouchers signed by the secretary of health care authority or the secretary's authorized representative. B. The purpose of the fund is to: (1) reduce health care premiums and cost sharing for New Mexico residents who purchase health care coverage on the New Mexico health insurance exchange; (2) reduce premiums for small businesses and their employees purchasing health care coverage in the fully insured small group market; (3) provide resources for planning, design and implementation of health care coverage initiatives for uninsured New Mexico residents; (4) provide resources for administration of state health care coverage initiatives for uninsured New Mexico residents; (5) cover a portion or all of the net premium health benefit contributions for state employees enrolled in health benefit plans covered by the Health Care Purchasing Act [Chapter 13, Article 7 NMSA 1978] who do not qualify for medicaid and: (a) have a modified adjusted gross income up to two hundred fifty percent of the federal poverty level; or (b) purchase employee-only coverage and receive an annual salary from the state of fifty thousand dollars ($50,000) or less; and (6) cover a portion or all of the net premiums for members of the New Mexico national guard who qualify for a federal TRICARE reserve select policy. C. If the federal Patient Protection and Affordable Care Act or other federal coverage programs that enable New Mexico residents to secure affordable comprehensive health care coverage are repealed in full or in part by an act of congress, invalidated by the United States supreme court or administered by the United States department of health and human services in a way that eliminates or reduces access to comprehensive health care coverage for New Mexico residents through medicaid or the New Mexico health insurance exchange, the fund may be used to maintain coverage through the New Mexico health insurance exchange, medical assistance programs or other programs established or administered by the health care authority; provided that coverage is prioritized for New Mexico residents with incomes below two hundred percent of the federal poverty level. D. Prior to July 1, 2025, the staff of the legislative finance committee shall conduct a program evaluation to measure the impact of changes to the health insurance premium surtax and the creation of the health care affordability fund as it relates to the purpose of the fund. E. Prior to July 1 of each year, the health care authority shall provide actuarial data from the health care affordability fund to the legislative finance committee. F. Prior to July 1 of each year, the secretary of health care authority, in consultation with the superintendent, the secretary of taxation and revenue and the chief executive officer of the New Mexico health insurance exchange, shall work with the legislative finance committee and the department of finance and administration to develop and report on performance measures relating to the health care affordability fund and any programs or initiatives funded by the fund.