This bill modifies the guaranteed issue requirements for Medicare supplement policies in Minnesota, particularly focusing on the reinstatement of policies that have been terminated due to cognitive impairment or functional incapacity. It amends several sections of Minnesota Statutes to require health carriers to reinstate policies canceled for nonpayment of premiums if the nonpayment was a result of the policyholder's cognitive impairment or incapacity. The reinstated policies must cover any claims that occurred after termination and be issued without requiring evidence of insurability. Additionally, health carriers are mandated to inform policyholders of their right to request a hearing if their reinstatement request is denied.

The bill also introduces a new subdivision that allows policyholders and certificate holders to purchase any Medicare supplement policy offered in Minnesota with the same or lesser benefits during the open enrollment period, enhancing flexibility for individuals seeking to maintain or improve their Medicare coverage. However, health carriers are not required to permit such purchases if the policyholder or certificate holder fails to pay the premium or makes a material misrepresentation regarding the policy. Overall, the bill aims to improve access to Medicare supplement policies for individuals facing cognitive challenges while ensuring that necessary regulatory standards are upheld.

Statutes affected:
Introduction: 62A.31