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"Free look" for seniors.

A "free look" period for seniors purchasing individual health insurance policies would be extended under a bill sponsored by Assemblywoman Ann Margaret E. Carrozza (D-Queens) and Senator lames L. Seward (R-C-I-Oneonta), Chair of the Insurance Committee, that has passed the Assembly and been sent to the Senate. The "free look" period refers to the period of time after a policy has been purchased in which the insured may pull out of the contract and obtain a refund. This bill would extend the "free look" period for people 65 years or older from the existing 10 to 30 day time frame to 90 days.

"A longer free look period is necessary because insurers, agents, and brokers may market certain individual health insurance policies as less expensive alternatives to Medicare supplement insurance or long-term care insurance. Senior citizens on fixed income are vulnerable to these misleading marketing techniques, and they often do not realize that these less expensive, limited benefit policies provide less coverage than Medicare supplement insurance or long-term care insurance," Carrozza said. "Furthermore, there are a variety of Medicare supplement and long-term care insurance plans that a senior citizen may choose from, all of which contain varying benefits. Thus, senior citizens need more time upon receipt of the policy or contract to evaluate whether the coverage they purchased is suitable for their needs.


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Title Annotation:AROUND NEW YORK
Author:Dennin, Erin
Publication:Insurance Advocate
Date:Jun 16, 2008
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