The bill amends the Medicare Supplement Act to include new definitions and requirements for issuers of Medicare supplement policies in New Mexico. Notably, it introduces the term "eligible policyholder," defined as a Medicare beneficiary aged sixty-five or older who is insured under a Medicare supplement policy. Additionally, the bill clarifies the definitions of "issuer," "medicare," "medicare supplement policy," "policy form," and "superintendent," ensuring that they align with current standards and practices.

Furthermore, the bill mandates that every issuer must provide an annual open enrollment period for all eligible policyholders, starting on the first day of the policyholder's birthday month and lasting for at least sixty days. During this period, eligible policyholders can purchase any Medicare supplement policy without facing discrimination based on their health status or medical conditions. Issuers are also required to notify policyholders at least thirty days in advance about the open enrollment period, including important dates and any changes to their current policies or premiums.

Statutes affected:
introduced version: 59A-24A-3