What is the duration of the free look period for a Medicare supplement policy?

The duration of the free look period for a Medicare supplement policy is 30 days. This period allows policyholders to review their new insurance policy, assess its terms and conditions, and decide if it meets their needs. During the free look period, individuals can cancel the policy without having to provide a reason and receive a full refund of any premiums paid. This feature is designed to give consumers peace of mind, ensuring that they have the opportunity to evaluate their choices without financial penalty.

In New Jersey, this provision is particularly relevant as it aligns with consumer protection regulations that aim to ensure that individuals have a sufficient opportunity to fully understand their insurance coverage before committing to it long-term. The other options, such as 10 days, 20 days, and 60 days, do not reflect the established policy duration and may mislead individuals regarding their rights related to the cancellation and refund process.