Under the insurance regulator's draft rules, health plans wouldn't be able to change a prescription drug formulary after it has been approved by the state agency. A formulary is a way of categorizing drug prices.
Nevada’s Insurance Commissioner Scott Kipper says if health plans change the way they price drugs mid-year, consumers get stuck with unexpected drug costs.
“You know the consumer cannot change their election, they cannot change their plan, even though potentially the formulary could change. So we were very concerned that that could happen,” says Commissioner Kipper.
The agency is hoping the rule will be in place to apply to individual health plans by 2016.
Insurers and pharmaceutical groups say the draft rule is an unnecessary distraction.
Consumer advocates say the regulation would ensure patients maintain access to lifesaving medications.
Insurers and pharmaceutical groups oppose the draft regulation.
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