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November 23, 2015 at 11:56 AM
State insurance regulators have set up a new Medicare supplement insurance regulation update team.
The new team, the Medigap Subgroup, is part of the Senior Issues Task Force, an arm of the National Association of Insurance Commissioners (NAIC).
The subgroup has been meeting through conference calls since early October.
Members of the Senior Issues Task force approved the subgroup’s charges last week in National Harbor, Md., at the NAIC’s fall meeting, according to a meeting summary from the parent of the task force, the NAIC’s Health Insurance and Managed Care Committee.
The charges of the new Medigap subgroup include updating the NAIC’s Medicare Supplement Insurance Minimum Standards Model Act, the Model Regulation to Implement the NAIC Medicare Supplement Insurance Minimum Standards Model Act, and related consumer guides and training materials.
In April, President Obama created a new law, Public Law 114-10, by signing H.R. 2, the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) bill. The law prohibits insurers from selling Medigap policies that pay the Medicare Part B physician services plan deductible on or after Jan. 1, 2020.
