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I wish to apply for a medicare supplement policy and a form sent to me says I may have a guaranteed issue right. what does this mean?

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This means that they cannot turn you down for issuing you a policy, no matter how sick you are or were. Another name of it might be Open Enrollment. They have to take you on.
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In most cases, you have a guaranteed issue right when you have other health coverage that changes in some way, like when you lose the other health care coverage. In other cases, you have a "trial right" to try a Medicare Advantage Plan (Part C) and still buy a Medigap policy if you change your mind. (per medicare.gov)
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