An Act to provide for the reasonable standardization and minimum loss ratios of coverage and simplification of terms and benefits of group medicare supplement accident and health insurance policies or group subscriber contracts of health plan corporations and nonprofit health service plans; to facilitate public understanding and comparison of such policies; to eliminate provisions contained in such policies which may be misleading or confusing in connection with the purchase thereof or with the settlement of claims; and to provide for full disclosure in the sale of such coverages to persons eligible for medicare by reason of age.