This work is aimed at implementation and practical verification of effective index approach applicability to microstructured fibers modeling. In particular, the Effective Index Method, both in scalar and fully vectorial form, is presented and discussed with respect of its potential applications for fast and accurate modeling of chromatic dispersion of index guiding microstructured fibers.The developed models, implemented in Matlab environment, allow visualization of the dispersion profiles of index guiding microstructured fibers with hexagonal lattice. To verify accuracy and define the applicability range of developed models, the results of modeling were confronted with the sparse experimental data, reported up to now in scientific papers. The satisfying agreement between numerical and measured results has been obtained, confirming the accuracy of developed model and its applicability to fast analysis and designing of microstructured fibers with dielectric core.