title: The impact of policy standardization on the Medigap market.
abstract: This study examines the impact of policy standardization on the market for Medicare supplemental, or "Medigap," policies. Prior to 1992, insurance carriers could sell any benefits they chose, so long as minimum benefit requirements were met. In July 1992, federal legislation was implemented that required all new Medigap policies to conform exactly to one of 10 standardized sets of benefits. Using pre- and post-standardized policy information from six states, this study analyzes the impact of this legislation. Overall, standardization has affected the market positively, and as a result, consumers are better able to make informed choices about the benefits they are purchasing.
authors.affiliation: Department of Health Services, School of Public Health, University of California, Los Angeles 90095-1772, USA.
authors.forename: T
authors.initials: T
authors.lastname: Rice
authors.forename: M L
authors.initials: ML
authors.lastname: Graham
authors.forename: P D
authors.initials: PD
authors.lastname: Fox
mesh_terms: D003256:Community Participation; D004465:Economic Competition; D006291:Health Policy / Q000331:legislation & jurisprudence*; D006302:Health Services Research; D006801:Humans; D007342:Insurance Benefits / Q000592:standards; D019458:Insurance Coverage / Q000592:standards; D017054:Insurance, Medigap / Q000145:classification / Q000331:legislation & jurisprudence* / Q000592:standards*; D006278:Medicare / Q000592:standards; D014481:United States