IL HB5518

Amends the Illinois Insurance Code to add Section 155.37a requiring State-regulated health plans to post drug formulary information packets publicly before enrollment

Defines "State-regulated health plan" as any health insurance plan issued by a State-regulated insurer or operated by the State, including medical assistance programs, fee-for-service plans, and managed care organizations

Requires information packets to include current drug formularies listing all medications and products available with generic and brand versions, along with pricing information for each drug

Mandates information packets be available online in patient portals and in printed format, with updates within 7 days of any drug formulary or cost changes

Requires beneficiaries receive notice of drug formulary and cost changes by mail or electronically