HB 508 – SB 552
FISCAL NOTE
Fiscal Review Committee
Tennessee General Assembly
February 1, 2025
Fiscal Analyst: Chris Higgins | Email: chris.higgins@capitol.tn.gov | Phone: 615-741-2564
HB 508 - SB 552
SUMMARY OF BILL: Increases, from 30 days to 60 days, the time period following the
delivery of a Medicare supplement policy or certificate in which the applicant has the right to return
the policy or certificate and to have the premium refunded if the applicant is not satisfied. Requires
each Medicare supplement policy or certificate to contain a notice stating that an applicant has the
right to return the policy or certificate within 60 days and to have the premium refunded if the
applicant is not satisfied.
Takes effect January 1, 2026, and applies to policies and certificates entered into, issued, delivered,
amended, or renewed on or after that date.
FISCAL IMPACT:
NOT SIGNIFICANT
Assumptions:
• The proposed legislation applies only to plans sold by private insurance companies.
• There will be no impact to the supplemental Medicare coverage offered to retirees under
the State Group Insurance Program.
• Pursuant to Tenn. Code Ann. § 56-7-1404(2), it is considered an unfair or deceptive act for
an insurer to fail to provide an unconditional refund offer of at least 30 days from the date
of delivery of a Medicare supplement insurance policy.
• The Department of Commerce and Insurance can monitor compliance with the proposed
legislation and take any necessary action utilizing existing personnel and resources, without
a significant increase in expenditures.
IMPACT TO COMMERCE:
NOT SIGNIFICANT
Assumption:
• Any impact to commerce or jobs in Tennessee will not be significant.
HB 508 – SB 552 2
CERTIFICATION:
The information contained herein is true and correct to the best of my knowledge.
Bojan Savic, Executive Director