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

(b) The Exchange, in consultation with the Commissioner and as approved by the Board, shall establish and implement a State-Based Young Adult Health Insurance Subsidies Pilot Program to provide subsidies to young adults for the purchase of health benefit plans in the individual health insurance market.

(c) The Pilot 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 calendar years 2022 and 2023, the Exchange, in consultation with the Commissioner and as approved by the Board, shall establish subsidy eligibility and payment parameters for the Pilot 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) Subject to available funds, in each of fiscal years 2022 through 2024, the Exchange may designate funds from the Fund to be used for the Pilot Program so that not more than $20,000,000 in annual subsidies may be provided to young adults who meet the subsidy eligibility and payment parameters established under subsection (d) of this section in calendar years 2022 and 2023.

(f) On or before January 1, 2022, the Exchange shall adopt regulations implementing the provisions of this section.

(g) On or before January 1, 2023, 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 in calendar year 2023.

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

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

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

(2) The Exchange shall track:

(i) the impact the Pilot 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.