Very much depends on the medication. Some can lose their effectiveness whilst some may even become harmful: many on the other hand will survive beyond the use by date for some time so the safe option is play safe and dispose of it.
In the specific case of a named substance, such as diclofenac, the information about how long after the published expiry date it could be used will not be published outside of the pharmaceutical companies producing it.
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any out of date medications are generally may pose harm to the taker. Although some say that there is an extension of the length of time before the drug becomes no good, but generally not recommneded for consumers to use.