A bill to amend title XVIII of the Social Security Act to make certain improvements in the program for voluntary certification of medicare supplemental policies, and for other purposes.

Amends title XVIII (Medicare) of the Social Security Act to require that a Medicare supplemental health insurance policy include in large print: (1) a statement of any lapse in coverage that may occur if the policy is changed or upgraded; (2) a telephone number of the Consumer Affairs Division of the Commissioner of Insurance of the State in which the policy is issued; and (3) a statement that duplication of existing coverage is not required. Requires that in the marketing of such a policy: (1) policy benefits be described, where appropriate, in terms of benefits covered under the Medicare program; (2) a clear distinction be made between Medicare benefits and long-term care services which are not covered by the Medicare program; and (3) there be no suggestion that the policy is a Government financed policy.

Requires that at least 70 percent (currently, 75 percent) of the aggregate amount of premiums collected in the case of group policies and at least 60 percent of the aggregate amount of premiums collected in the case of individual policies be returned to Medicare supplemental health insurance policyholders. Gives a purchaser of such a policy 30 days to rescind the purchase.

Directs the Supplemental Health Insurance Panel to conduct a study and issue a report within one year of this Act's enactment on methods by which States can exchange information regarding companies which improperly market Medicare supplemental health insurance policies.