Within how many days after policy delivery can Medicare Supplement and Long-Term Care policies be returned for a 100% premium refund?

• A. 15 days
• B. 30 days
• C. 60 days
• D. 90 days

Answer: (B)

The concept being tested is the free-look (cooling-off) period for Medicare Supplement and Long-Term Care policies. This is a window after the policy is delivered during which you can review the contract and cancel if it doesn’t fit your needs, receiving a full refund of premiums paid.

For Medicare Supplement and Long-Term Care policies, the standard free-look period is 30 days from the date of delivery. If you return the policy within this 30-day period, you’re entitled to a 100% refund of the premiums paid, and the coverage is considered void from the start.

Other durations listed aren’t the typical free-look period for these products—15 days is shorter than usual, while 60 or 90 days are longer than the standard requirement.