The Arizona Alliance for Chronic Care is urging lawmakers to pass legislation that is designed to keep prescription prices predictable.
Specifically, SB 1401 requires healthcare insurance companies to do the following:
1. Inform patients about the intention to change a drug to a higher tier and make the details easy to find on the company website.
2. Provide patients a 60-day notice if there are plans to move a drug to a higher tier.
3. Allow patients to complete the agreed-to terms of a contract year without reclassifying biologics or plasma-derived prescriptions drugs to a higher tier of a multi-tiered drug formulary mid-contract.
4. Allow patients with prescription drug benefits who pay deductibles, copayments, co-insurance or other out of pocket expenses during the term of the contract; to apply those dollars toward any annual out of pocket maximum amount defined in the contract.
5. Allow patients to budget for their healthcare by making the maximum out of pocket expenses no more than $3,000 for an individual and $5,000 for a family.
The proposal is expected to be heard by lawmakers in the coming weeks.
Specifically, SB 1401 requires healthcare insurance companies to do the following:
1. Inform patients about the intention to change a drug to a higher tier and make the details easy to find on the company website.
2. Provide patients a 60-day notice if there are plans to move a drug to a higher tier.
3. Allow patients to complete the agreed-to terms of a contract year without reclassifying biologics or plasma-derived prescriptions drugs to a higher tier of a multi-tiered drug formulary mid-contract.
4. Allow patients with prescription drug benefits who pay deductibles, copayments, co-insurance or other out of pocket expenses during the term of the contract; to apply those dollars toward any annual out of pocket maximum amount defined in the contract.
5. Allow patients to budget for their healthcare by making the maximum out of pocket expenses no more than $3,000 for an individual and $5,000 for a family.
The proposal is expected to be heard by lawmakers in the coming weeks.
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