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As you come back to work from the long weekend, you may be wondering what Medicare legislation states have passed in 2024.
You’re in luck! As we head into a wild AEP, we have summarized legislative changes to the Medicare market that you need to know!
State | Bill/Notice Number | Impacted Product | Effective Date | Summary |
|---|---|---|---|---|
MD | Part D | 4/9/2024 | Extends state prescription assistance program until Dec. 1, 2030 for those with Part D. | |
MS | Part C | 7/1/2024 | Prohibits issuers of Medicare Advantage from making telephone solicitations, unless the person has first initiated the call. | |
IN | Med supp | 12/31/2024 | All plans offered by a carrier must be made available to an individual eligible for Medicare by reasons of both disability and end-stage renal disease. Carriers can’t charge a higher premium rate for <65 compared to >65 for Plans A, B, and D. For all other plans, carriers cannot exceed 200% of the premium for an individual who is 65 years of age. Full commission rates must be paid on <65 new business. In addition, carriers cannot impose waiting periods or pre-existing condition limitations for <65 eligibles. | |
NE | Med supp | 1/1/2025 | Makes at least one plan available to U65 with disability and premium not to exceed 150% of >65. Also defines requirements for medical supplies and reimbursement. | |
MN | Med supp | 8/1/2025 | Creates an OE period for Med supp that is the same as the time period for Medicare Advantage plans (January 1 to March 31 annually). Also prohibits the use of medical underwriting or preexisting condition limitations in Med supp policies. | |
IL | Med supp | 1/1/2026 | Amends annual OE period- birthday rule to include the individual may also purchase a plan from any affiliate authorized in the state offering equal or lesser benefits. |
What’s pending? Revisit our June 25, 2024, newsletter highlighting pending state legislation in the current session for Medicare Supplement insurance (U65/Disability/ESRD, Annual OE periods, and Birthday Rule).
Telos Actuarial’s team of experienced regulatory compliance professionals are ready to help YOU stay informed of legislative and regulatory changes. Reach out to us for more information!