PA 07-48—HB 5259

Insurance and Real Estate Committee

AN ACT CONCERNING REFUNDS OF PREPAID PREMIUMS MADE BY SENIOR CITIZENS TO HEALTH INSURANCE PROVIDERS FOR MEDICARE SUPPLEMENT POLICIES

SUMMARY: This act requires insurers to refund to a person who cancels his or her Medicare supplement policy before the policy's coverage period ends any prepaid premium. The requirement applies to insurance companies, fraternal benefit societies, hospital or medical service corporations, HMOs, and other entities that deliver, issue, continue, or renew a Medicare supplement policy or certificate in Connecticut.

A Medicare supplement policy (also referred to as “Medigap”) is a health insurance policy that covers some of the health care costs that Medicare does not cover. It must meet minimum standards set in federal law.

EFFECTIVE DATE: October 1, 2007

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