Bankers Fidelity Medicare Supplement Plans (2023)

Bankers Fidelity (Bankers Life) is a well-established insurance carrier with a product line including Medicare Supplement (Medigap) plans. In business since 1955 and headquartered in Atlanta, Georgia, this company is a wholly owned subsidiary of Atlantic American Corporation. Also, it is worth noting that Bankers Fidelity Assurance Company is a subsidiary of Bankers Fidelity Life Insurance Company.

Bankers Fidelity Medicare Supplement plans offer protection from high out-of-pocket costs and allow you to receive care anywhere that Original Medicare is accepted. Below we review Bankers Fidelity Medicare Supplement plans and help determine if a Bankers Medigap plan is right for you.

Bankers Life Medicare Supplement Plans for 2023

Medicare Supplement plans help you bridge the gap Original Medicare (Medicare Part A and Part B) leaves behind. When you do not have a Medicare Supplement plan, you must pay 20% coinsurance for your care through Medicare Part B, plus copays and coinsurances when applicable for Part A covered care. Thus, medical bills can pile up and become overwhelming for your budget.

Bankers Fidelity Medicare Supplement plans are an excellent option to help cover your out-of-pocket costs. When you enroll in a Bankers Life Medicare Supplement plan, you do not have to adhere to a strict network of doctors. You can see any practitioner nationwide who accepts Original Medicare – which is the vast majority. Additionally, their plans are guaranteed renewable and have no waiting periods for pre-existing conditions.

Bankers Fidelity offers all the top Medicare Supplement Plans nationwide. These plans include Medigap Plan F, Plan G, and Plan N. Bankers Life Medicare Supplement plans are standardized nationwide. This means benefits do not change from carrier to carrier or between states.

Bankers Life Plan F

Bankers Fidelity Plan F is a type of Medicare Supplement insurance policy offered by Bankers Life. Bankers Medicare Supplement Plan F covers the full amount left for you to pay by Original Medicare. This includes any coinsurance, copayments, and deductibles for the care you receive.

Bankers Plan F is the most comprehensive policy, meaning that you typically will not have to pay any out-of-pocket expenses for Medicare-covered services, as your Bankers Fidelity Plan F will pay for them.

However, it’s worth noting that Plan F is no longer available for new enrollees who became eligible for Medicare on or after January 1, 2020. Existing Plan F policyholders can keep their coverage, but new enrollees must choose from other Medicare Supplement Insurance plans.

Bankers Life Plan G

Bankers Fidelity Medicare Plan G is a type of Medicare Supplement Insurance policy offered by Bankers Life. Bankers Plan G is the second most comprehensive policy available to Medicare enrollees.

Bankers Life Plan G offers many of the same benefits as Plan F, with the exception of Part B deductible coverage. With Bankers Plan G, you will be responsible for paying the annual Part B deductible before your coverage kicks in. However, once you have paid the deductible, your Plan G will cover the rest of your Medicare-covered expenses, including hospital stays, doctor visits, and other medical services.

Bankers Fidelity Medicare Supplement Plan G is becoming an increasingly popular option among Medicare beneficiaries due to its comprehensive coverage and competitive pricing. If you are interested in enrolling in Bankers Life Medicare Plan G, you will need to be enrolled in both Medicare Part A and Part B and live in a state where the policy is offered.

Bankers Life Plan N

Bankers Life Plan N helps cover some of the costs left behind by Medicare Part A and Part B.

Bankers Plan N offers a lower premium than some other Medicare Supplement Insurance policies but requires more out-of-pocket costs when you receive care. With Bankers Medicare Supplement Plan N, you will be responsible for paying a portion of some Medicare-covered expenses, such as a $20 copayment for doctor visits and a $50 copayment for emergency room visits plus, you are responsible for the Medicare Part B deductible as well.

However, Bankers Plan N still offers comprehensive coverage for many other Medicare-covered expenses, including hospital stays, skilled nursing facility care, and other medical services. Plan N also includes coverage for Medicare Part A deductibles, and emergency care received while traveling outside of the United States.

Additionally, you may be required to cover Medicare Part B excess charges when enrolled in Bankers Life Medicare Supplement Plan N.

Bankers Life Medicare Supplement Cost

Like other insurance companies, Bankers Life Medicare Supplement plan premiums increase annually. However, like initial premium rates, rate increases are based on several factors. These factors mainly include your age, inflation, your ZIP Code, and gender.

As healthcare costs continue to rise, so will your monthly insurance premiums. Bankers Life is committed to keeping your rates low. On average, Bankers Life Medicare Supplement plan premiums rise between 3%-6% annually.

Below we provide a sample premium in several ZIP Codes for male and female individuals aged 65 and 75 who do not use tobacco products.

The above tables are only examples. Your actual costs may vary based on your individual circumstances.

Bankers Life Medicare Supplement Reviews

Bankers Life Medicare Supplement plans have a reputation for being client-focused and providing more than 60 years of excellence to consumers.

Known for fast and fair claims-paying, Bankers Life is a perfect choice for Medicare beneficiaries that may have a less than perfect health record. Like most insurance companies, they offer online services to meet the demands of a digital world.

Bankers Fidelity is not accredited by the Better Business Bureau, yet the BBB has issued them an A+ rating, the highest rating.

AM Best is the standard for Medicare Supplement plans when it comes to carrier ratings. Bankers Fidelity has an AM Best rating of A-.

FAQs About Bankers Life Medicare Supplement Plans