The board may:
A. establish a health plan to offer selected eligible individuals the ability to purchase or enroll in a program pursuant to federal law that provides expanded coverage for state high-risk pools;
B. establish eligibility and coverage criteria as needed for selected eligible individuals;
C. establish the cost-sharing amounts payable by a selected eligible individual enrolled in the health plan, including the premium, deductible, coinsurance, co-payment or other out-of-pocket expenses; and
D. participate with and receive funding from any federal agency designated to administer expanded coverage programs for state high-risk pools.