MN HF4266

Creates new law requiring health plan companies to make formularies and related benefit information available electronically and in writing at least 30 days prior to annual renewal dates, organized consistent with United States Pharmacopeia model guidelines.

Requires health plan companies to identify specific enrollee cost-sharing and expected out-of-pocket costs for each formulary item or category.

Restricts removal or cost increases for brand name drugs to cases where generic, multisource brand name, or interchangeable biologic drugs at lower cost are added to the formulary, with at least 60-day notice to prescribers, pharmacists, and affected enrollees.

Allows health plan companies to change utilization review requirements during contract year with 60-day notice, provided changes do not apply to enrollees currently taking affected drugs for the remainder of that contract year.

Permits removal of drugs only when deemed unsafe by FDA, withdrawn by FDA or manufacturer, or when independent sources issue drug-specific warnings or recommend usage changes.