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HB 508

Insurance, Health, Accident - As introduced, extends from 30 to 60 days the period of time following delivery of a medicare supplement policy or certificate during which an applicant may have the premium refunded, and about which each medicare supplement policy or certificate must have notice prominently printed on the first page of the policy or certificate. - Amends TCA Title 4, Chapter 3, Part 13; Title 8; Title 55, Chapter 12; Title 56 and Title 71.

114th Regular Session (2025-2026) Introduced by Bryan Terry

Extends Medicare supplement insurance free-look refund period from 30 to 60 days and requires prominent notice on all policies sold in Tennessee.

P2C, caption bill, held on desk - pending amdt.
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Bill Summary · HB 508

Legislative bill overview

HB 508 extends the "free look" period for Medicare supplement insurance policies from 30 to 60 days, during which applicants can receive a full premium refund without penalty. The bill requires this extended period and notice of the right to be prominently displayed on the first page of all Medicare supplement policies and certificates issued in Tennessee.

Why is this important

Medicare supplement policies are crucial for seniors managing out-of-pocket healthcare costs, but purchasing decisions made quickly can sometimes prove misaligned with actual needs. Doubling the refund period from 30 to 60 days gives older adults—who may need more time to review complex insurance documents or consult with family and advisors—adequate time to reconsider their purchase without financial loss. This consumer protection is particularly significant given the vulnerability of the senior population to aggressive sales tactics and buyer's remorse.

Potential points of contention

  • Insurance industry costs: Insurers may argue that extended free-look periods increase administrative burden and reduce premium certainty, potentially leading to higher policy costs passed to consumers
  • Scope of amendments: The bill amends six different Tennessee Code Annotated titles, suggesting broad regulatory changes that may have unintended consequences in related insurance or health code sections
  • Competitive disadvantage: If surrounding states maintain 30-day periods, Tennessee insurers operating multi-state might face operational complexity or competitive pressure

Compiled from official sources — confirm details with the bill’s official record.

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