Health Insurance - Prescription Drug Formularies and Coverage for Generic Drugs and Biosimilars

HB 529 requires health insurers, HMOs, and nonprofit health plans in Maryland to post their prescription drug coverage lists (formularies) clearly on their websites without requiring login or account access. Insurers must display drug tiering, coverage restrictions, and update changes within 30 days of implementation. The bill also mandates that these insurers cover certain generic drugs and biosimilars with specific cost-sharing terms (e.g., copays or coinsurance). This directly affects all health plan providers operating in Maryland and makes drug coverage information more transparent for enrollees.