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 the affordability and predictability of costs for individuals relying on Medicare supplement insurance.

Additionally, the bill maintains existing regulations concerning the filing and approval process for these policies, ensuring that any forms submitted must be reviewed by the commissioner. The commissioner retains the authority to disapprove forms that are deemed unjust, misleading, or contrary to public policy. The act is set to take effect immediately and will apply to all policies issued or renewed after the effective date.

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