An Act Limiting Changes To Prescription Drug Formularies And Lists Of Covered Drugs.
Impact
If enacted, SB00024 would amend Title 38a of the general statutes, which governs insurance regulations in the state. This change would mean that health carriers would have to adhere to stricter guidelines regarding drug formulary management, specifically regarding the removal of drugs or changes to their financial tiers. This legislative move is intended to enhance patient security, ensuring that individuals can maintain their prescriptions without the fear of abrupt changes initiated by their insurance providers.
Summary
SB00024 is an Act aimed at regulating the management of prescription drug formularies by health insurance carriers. The bill proposes to limit the circumstances under which a health carrier can remove a drug from its formulary or alter its cost-sharing tier during a plan year. The primary purpose of this legislation is to provide greater stability and predictability for consumers who rely on specific medications, thereby protecting them from sudden changes that could negatively affect their access to necessary drugs.
Contention
The bill has sparked discussions concerning the balance between regulating health insurance and maintaining the flexibility for insurers to adjust formularies based on changing medical and market conditions. Proponents of the bill argue that it is essential for protecting patient access to medications, especially for those with chronic or serious health issues who depend on continuity in their treatment plans. Conversely, some critics have raised concerns that such regulations could limit the ability of health carriers to optimize their formularies for cost-effectiveness and clinical efficacy, potentially leading to higher overall costs for insurers and possibly for consumers in the longer term.
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.