HB 2329

Abstract

Health insurance; prescription drug formularies. Requires health insurance carriers to provide coverage for a generic drug or a biosimilar when the carrier provides coverage for the brand drug or product and the generic drug or biosimilar has a lower wholesale acquisition cost than the brand drug or product with more favorable cost-sharing, including actual out-of-pocket costs, relative to the brand drug or product. Additionally, the bill requires carriers to publish an up-to-date, accurate, and complete list of all covered drugs on its formulary, including any tiering structure that it has adopted and any restrictions on the manner in which a drug can be obtained, in a manner that is easily accessible to plan enrollees, prospective enrollees, and the general public.

A BILL to amend and reenact § 38.2-3407.9:01 of the Code of Virginia, relating to health insurance; prescription drug formularies.