Medicare Supplement regulatory changes will soon be effective in Virginia and Utah.Medicare Supplement Changes Coming for Virginia and Utah
Virginia
Effective July 1, 2025, insurers must offer Medicare Supplement policyholders an annual open enrollment period beginning on the individual’s birthday and ending 60 days after, where the individual can purchase any policy made available by any insurer in Virginia that offers the same benefits as the current coverage (does not include innovative benefits).
In addition, insurers must notify individuals at least 15 days but no more than 30 days prior to the commencement of this annual open enrollment period.
Utah
Effective May 7, 2025, insurers must offer Medicare Supplement policyholders an annual open enrollment period beginning on the individual’s birthday and ending 60 days after, where the individual can switch to a comparable or lower tier plan.
Next Steps:
Items for carriers to complete or consider:
Rates:
- Determine whether current rates are adequate to support the likely influx of non-underwritten business
- File revised premium rates and actuarial memorandum
- Update commission schedule
- Ensure business administrator has systems updated to reflect new premium rates and commissions
Forms/Admin:
- Revise application if open enrollment situations are defined or listed. File revised application with state insurance department.
- Update outline of coverage with new rates, if applicable
- Update underwriting guidelines and processes
- For Virginia, develop policyholder notice and process