(1) A health benefit plan that provides prescription drug coverage or contracts with a third party for prescription drug services with tiered copayments shall notify an enrollee presently taking a prescription drug, in writing or electronically at the request of the enrollee, at least sixty (60) days before an increase in the enrollee's financial responsibility as a result of a modification by the health benefit plan to the health benefit plan's drug formulary.
(2) Subdivision (a)(1) of this section does not apply to a generic substitution for a prescription drug.
(3) This section does not apply to coverage for a drug that is determined by a pharmacy and a therapeutics committee to be subject to new safety warnings.