Establishes standards for qualified health benefits plans, including standards to: (1) prohibit any preexisting condition exclusions; (2) require guaranteed availability and renewability of health insurance coverage; (3) limit premium variances, except for reasons of age, area, or family enrollment; (4) prohibit discrimination based on health status factors; and (5) require parity for mental health benefits.

Requires qualified health benefits plans to provide coverage that meets the standards for the essential benefits package. Prohibits an essential benefits package from imposing any annual or lifetime limits on coverage. Lists required covered services, including hospitalization, prescription drugs, mental health services, maternity care, and children’s oral health, vision, and hearing services. Prohibits cost-sharing for preventive items and services. Limits annual cost-sharing to $5,000 for an individual and $10,000 for a family. Prohibits abortion services from being required under an essential benefits package or under a qualified health benefits plan.