Final answer:
The notice of replacement for a Medicare Supplement policy should be signed by the policyowner or their authorized representative. This document confirms the purchaser's understanding of the implications of changing policies and helps protect their health coverage benefits.
Step-by-step explanation:
When a Medicare Supplement policy is being replaced, the notice of replacement should be signed by the individual who is purchasing the new policy, which is typically the policyowner or their authorized representative. This is often the same person who is insured under the Medicare Supplement plan. The notice of replacement is an important document that ensures that the policyowner is aware of the implications of replacing their current policy, and it helps to protect the individual's rights and their access to health coverage under the terms of the new policy. Medicare, a program that was part of the Social Security Act of 1965 and signed into law by President Lyndon Johnson in July 1965, provides federal health insurance for eligible individuals. Proper documentation and procedures, such as the signing of a notice of replacement, are crucial to maintaining the integrity of Medicare and safeguarding the benefits it offers to seniors.