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NY A05445
Bill
Status
3/10/2023
Primary Sponsor
Vivian Cook
Click for details
AI Summary
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Requires insurers and health care corporations to notify "closed block" Medicare supplemental insurance policyholders in writing when offering policy renewal or notifying of premium or benefit changes.
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Notification must disclose the ability to purchase a different policy without pre-existing condition waiting periods if continuous coverage existed for the previous six months.
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Notification must include availability of any similar benefit policies offered by the same insurer at lower premiums, plus toll-free phone and website information for comparing policies from other insurers or organizations.
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Defines "closed block member" as a holder of a Medicare supplemental insurance policy form that the insurer no longer offers to new policyholders but continues to renew for existing ones.
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Takes effect January 1st following enactment and applies to all policies issued, renewed, modified or altered on or after the effective date.
Legislative Description
Requires insurers offering renewal of certain Medicare supplemental insurance policies or providing notification of a change in premiums of such policies to notify policyholders of the availability of policies offered by such insurer with similar benefits at a comparable premium or the ability of such policyholder to purchase a different policy without the pre-existing condition waiting period; applies to policies for which such insurers no longer accept new contracts but continue to renew for existing policyholders.
Last Action
referred to insurance
1/3/2024