MA S694

Requires all health insurance plans in Massachusetts to disclose whether they use a formulary (list of covered prescription drugs) and explain how drugs are included or excluded

Mandates insurers post searchable formularies on their websites and update them within 72 hours of any changes

Requires disclosure of prior authorization, step therapy, and utilization management requirements for each drug on the formulary

Obligates plans to show cost-sharing amounts for each drug, either as exact dollar amounts or using a tiered symbol system ($ for under $100 up to $$$$$ for over $1,000)

Directs the Division of Insurance to develop a standard formulary template for all health plans, including those offered through the Group Insurance Commission for state employees