(MONEY Magazine) – Exactly how private insurers will overhaul their supplemental Medicare insurance policies now that Congress has moved to repeal the controversial 17- month-old Catastrophic Coverage Act was hazy as MONEY went to press. And while the lawmakers pledged to revisit the topic of health care for the elderly sometime this year, it was unclear when they would take up the issue again. Says Republican Senator John McCain (Arizona), who sponsored a proposal to preserve key catastrophic benefits: ''I am confident that this will be resolved, but I'm not sure how quickly.'' But no matter what happens, these conclusions seem clear for Americans age 65 and older: -- Medigap policies could cost 25% to 40% more in 1990 to cover the hospital and physicians' costs that the government had been expected to pay, as well as the rising costs of medical treatment. For example, a superior medigap policy could cost $1,200 or more this year. -- If your medical bills are not covered by a former employer's insurance plan and you do not have a medigap policy, you are putting your wealth at serious risk. Says Susan Polniaszek, director of United Seniors Health Cooperative, a Washington, D.C. consumer group: ''Now that catastrophic coverage will be repealed, purchasing a medicap policy is more important than ever.'' -- Some unscrupulous insurance agents will capitalize on the confusion surrounding the law's repeal and try to strong-arm older people into purchasing extra coverage by falsely insisting that they need more than one policy. If you currently own a medigap policy, you should do nothing for now, says Earl Pomeroy, North Dakota's Insurance Commissioner. In 60 to 90 days, your insurer should send you documents spelling out the new options it will offer to fill the gaps created by the law's repeal. (If you haven't heard from your insurer by March 31, call the company.) Among the areas affected by repeal: the law had required Medicare to pay for 365 days of hospital bills after a $560 yearly deductible; beginning this year, it was also supposed to cover doctor visits after a yearly deductible of $1,370. If your prescription costs are high, you might now consider buying a supplemental drug policy, since Medicare was also scheduled to cover as much as 80% of the costs of the drugs starting in 1993. Robert Hunter, president of the National Insurance Consumers Organization in Alexandria, Va., suggests taking some time to comparison shop. More and different medigap policies will be on the market later this year, he says -- and that could mean some better deals will be available.