HI SB301

Requires health insurers, mutual benefit societies, and health maintenance organizations offering policies on or after January 1, 2017, to provide drug formulary information via public websites and toll-free numbers.

Mandates formulary updates within 72 hours for new drug additions or deletions, and within 14 calendar days for other changes including drug strength or form.

Requires insurers to provide a system allowing insureds and potential insureds to determine prescription drug coverage under medical benefits and any associated cost-sharing, with cost ranges displayed using dollar amount categories.

Establishes a formulary accessibility working group to be appointed by the insurance commissioner, including representatives from health providers, pharmacy board, health plans, and the American Cancer Society, to develop standardized formulary template recommendations.

Exempts limited benefit health insurance, Medicare, Medicaid, and other federally financed plans from these requirements.