Florida 2-15 Life, Health and Variable Annuity AgentFlorida Laws and Regulations Specific to Health InsuranceMedium
A Florida resident is considering purchasing a Medicare Supplement policy. Under Florida law, which of the following statements correctly describes the 'free-look' period for these policies?
- AA 10-day free-look period is required for all Medicare Supplement policies.
- BA 20-day free-look period is required for all Medicare Supplement policies.
- CA 30-day free-look period is required for all Medicare Supplement policies.
- DThe free-look period varies by insurer but cannot be less than 10 days.
Show answer & explanationAnswer & explanation
Correct answer: C. A 30-day free-look period is required for all Medicare Supplement policies.
Florida law mandates a 30-day free-look period for all Medicare Supplement policies. This allows the insured to review the policy and return it for a full refund if dissatisfied.
Why the other options are wrong
- A. 10 days is the standard for many other types of policies, but not Medicare Supplement in Florida.
- B. 20 days is incorrect for Medicare Supplement policies in Florida.
- D. While some free-look periods can vary, for Medicare Supplement policies in Florida, it is a fixed 30 days.
Medicare Supplement Free-Look Period (FL)
In Florida, all Medicare Supplement policies must include a 30-day free-look period, allowing the policyholder to return the policy for a full refund.
- 30 days duration
- Applies to all Medicare Supplement policies
- Full refund of premiums if returned
Memory trick: Medicare Supplements get a Month to Look, for a Full Refund.