This bill amends existing legislation regarding Medicare supplement policies in New Jersey by establishing new requirements for premium management. Specifically, it mandates that all Medicare supplement policies must include provisions that limit premium increases to once per calendar year and provide policyholders with the option to pay their annual premium in advance. These changes aim to enhance consumer protection and ensure that policyholders have more predictable costs associated with their Medicare supplement insurance.

Additionally, the bill maintains existing regulations concerning the filing and approval process for Medicare supplement policy forms with the commissioner. It stipulates that insurers must submit their rates and supporting documentation annually to demonstrate compliance with state loss ratio standards. The bill is set to take effect immediately and will apply to policies issued or renewed after the effective date.

Statutes affected:
Introduced: 17B:26A-6