MI SB0992

Amends the Insurance Code of 1956 to update definitions related to Medicare supplement insurance, including adding "Medicare advantage" as a form of creditable coverage.

Adds Medicare advantage to the list of coverage types that qualify as "creditable coverage" for purposes of purchasing Medicare supplement policies.

Requires insurers replacing a Medicare supplement policy with another Medicare supplement policy to waive preexisting condition waiting periods, elimination periods, and probationary periods for similar benefits based on time spent under original coverage.

Requires insurers replacing a Medicare advantage policy with a Medicare supplement policy to waive preexisting condition waiting periods, elimination periods, and probationary periods for similar benefits based on time spent under the Medicare advantage coverage.

Updates references to federal law sections related to Medicaid, Medicare, military medical benefits, federal employee health plans, and the Social Security Act to reflect current statutory citations.