The bill amends the Medicare Supplement Act to introduce new definitions and requirements for issuers of Medicare supplement policies in New Mexico. Notably, it defines "eligible policyholder" as a Medicare beneficiary aged sixty-five or older who is insured under a Medicare supplement policy. Additionally, the bill clarifies the roles of "issuer," "medicare," "medicare supplement policy," "policy form," and "superintendent" within the context of the Act.

A significant new provision mandates that every issuer must provide an annual open enrollment period for all eligible policyholders, starting on the first day of their birthday month and lasting for at least sixty days. During this period, eligible policyholders can purchase any Medicare supplement policy without facing denial or discrimination based on their health status. Issuers are also required to notify eligible policyholders at least thirty days prior to the open enrollment period about the dates, rights, and any modifications to their current policies.

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