Understand Your Rights

Last updated: March 29, 2016

You Are Entitled To These 4 Rights

1. “Free Look” Period

You are entitled to a 30-day "free look" at your Medicare supplement insurance policy, beginning the day you receive the policy.

  • Be sure to keep track of the date the policy arrived; the postmark date on the envelope you receive it on can be a good indicator of when this 30-day period began.

  • If you are dissatisfied for any reason, you can return the policy within the 30 days and get your money back, no questions asked.

Use This "Free Look" Period To Do the Following:

  • Make sure it provides the benefits you expect and desire.

  • Check for limitations, exclusions, or waiting periods.

  • Read the application carefully. Make sure that it has not been changed in any way and that all medical information is accurate.

2. Required Disclosures

Your Medicare supplement policy must clearly disclose the existence of any of the following:

  • Limitations or exclusion of payments for preexisting conditions.

  • Rights of the insurance company to change premiums.

  • Automatic premium increases based on age at renewal time.

3. Outline of Coverage

An agent seeking your business must provide an outline of coverage when giving you an application form. This outline of coverage must do the following:

  • Summarize the major benefit gaps in Medicare. It must tell you how much each benefit package offered by the insurance company will pay toward filling each gap.

  • Disclose the premium for each benefit package that is offered.

  • State the total price of the policy and the likelihood of future premium increases as your age increases.

  • Declare your right to a premium refund if you return the policy during the 30-day "free look" period.

4. Guaranteed Renewable

All Medicare supplement insurance policies sold today are guaranteed renewable.

  • The insurance company cannot refuse to renew your policy unless you do not pay the premiums or you submitted false information on the application. Older policies (prior to 1992) may allow the company to refuse to renew on an individual basis.

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