An Act Limiting Changes To Prescription Drug Formularies During The Term Of Certain Health Insurance Policies.
Impact
The implementation of SB00039 could significantly impact state health laws by reinforcing consumer protections regarding prescription drug coverage. Patients who rely on particular medications would benefit from the assurance that their medications will not be removed or altered in coverage unexpectedly during their plan term. This stability may enhance patient adherence to prescribed treatments and promote better health outcomes. However, it may also place constraints on insurance companies, restricting their flexibility to adjust formularies based on market changes or drug pricing dynamics.
Summary
SB00039, titled 'An Act Limiting Changes To Prescription Drug Formularies During The Term Of Certain Health Insurance Policies', proposes to amend the statutes to restrict modifications to prescription drug formularies while a health insurance policy is in effect. The bill aims to provide stability for consumers who may rely on specific medications covered by their insurance plan. By limiting changes to these formularies, the bill seeks to ensure that insured individuals have consistent access to their necessary prescriptions throughout the policy term without unexpected alterations to their coverage.
Contention
While the bill has the potential to improve consumer protection, it may also raise concerns among health insurers about the lack of agility in response to evolving pharmaceutical costs or new medication options entering the market. Proponents of the bill argue that patient well-being should take precedence and that individuals should not suffer as a result of insurance companies' decisions to alter drug coverage mid-term. Conversely, opponents may highlight that imposing such restrictions could lead to higher overall costs for insurers, which could be passed on to consumers in the form of increased premiums.
An Act Prohibiting Certain Health Carriers From Requiring Step Therapy For Prescription Drugs Used To Treat A Mental Or Behavioral Health Condition Or A Chronic, Disabling Or Life-threatening Condition.
An Act Concerning Insurance Market Conduct And Insurance Licensing, The Insurance Department's Technical Corrections And Other Revisions To The Insurance Statutes And Captive Insurance.