FL S0516

Prohibits health insurance policies and health care service plan contracts from limiting, reducing, or denying prescription drug coverage to an insured individual for the remainder of the current plan year if the insured was using the drug, was covered under the policy, and the drug was covered at the time of the action

Defines coverage limitations to include removing drugs from formularies, imposing new prior authorization requirements, placing drugs on higher cost-sharing tiers, or increasing patient cost-sharing obligations

Allows insurers to make uniform benefit design changes applicable to all covered drugs and to increase cost-sharing obligations when coinsurance percentages increase proportionally to drug price increases

Requires any policy or contract changes to prescription drug coverage be effective upon renewal and insurers must communicate changes and effective dates to insured individuals during open enrollment periods

Exempts managed care plans under the Medicaid program from these requirements and takes effect July 1, 2010