Florida’s Prescription Drug Reform Act
Recently passed Florida law prohibits mandatory mail-order requirements for employers providing prescription drug coverage.
Published: 02.27.2024
Under a recently passed Florida law regulating pharmacy benefit managers (PBMs), employers who provide prescription drug coverage to their employees in Florida cannot enforce mandatory mail-order requirements anymore. Additionally, they must ensure a sixty-day continuity of care period after midyear formulary changes. The law took effect on January 1, 2024.The Prescription Drug Reform Act is applicable to PBM contracts associated with employer plans that are "executed, amended, adjusted, or renewed on or after July 1, 2023." These contracts must adhere to numerous requirements outlined in the Act. Additionally, employer plan sponsors are obligated to affirm to the Florida Office of Insurance Regulation (OIR), under penalty of perjury, that their PBM agreements comply with the new state standards. While the OIR supplies a sample attestation form here, no specific deadlines for submitting these filings are specified by the regulators.
The attestations may be submitted to: PBMreporting@floir.com. If the plan or program is directed by a licensed insurer or HMO, the attestation may be submitted electronically as a periodic filing to http://www.floir.com/iportal.
For more detailed information, visit https://www.floir.com/life-health/pbm and Prescription Drug Reform Act (SB 1550).
