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Bankers Fidelity Medicare Supplement Plans


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 Life Medicare Supplement Plans for 2022

Medicare Supplement plans help you bridge the gap Original 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 Original Medicare. Thus, medical bills can pile up and become overwhelming for your budget.

Bankers Life 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.

Top Bankers Life Medicare Supplement Plans

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

The chart below lists the benefits of the top three Bankers Life Medicare Supplement plans.

Medigap Plan F Medigap Plan G Medigap Plan N
  • Pays the full Medicare Part A deductible
  • Pays the full Medicare Part B deductible
  • Pays the full Medicare Part B 20% coinsurance
  • *Annual rate increase averages from 10% annually
  • Pays the full Medicare Part A deductible
  • You are responsible for full Medicare Part B deductible
  • Pays the full Medicare Part B 20% coinsurance
  • *Annual rate increase averages from 5-7% annually
  • Pays the full Medicare Part A deductible
  • You are responsible for full Medicare Part B deductible
  • Pays the full Medicare Part B 20% coinsurance
  • You are responsible for $20-$50 copay at doctor and hospital visits
  • *Annual rate increase averages from 3-5% each year
  • ** You are responsible for excess charges if applicable
*Annual rate increases are estimated based on average values. Rate increases are subject to change annually.
**Excess charges are only allowed in certain states and are not charged by many doctors. To know if this applies to you, speak with your provider.

Bankers Life Medicare Supplement Rate Increases

Insurance companies increase rates annually. However, like premium rates, rate increases are based on several factors. These factors mainly include your age, 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.

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

Does Bankers Fidelity offer Medicare Advantage plans?
No, Bankers Fidelity does not offer Medicare Advantage plans at this time.
Does Bankers Fidelity offer Medicare Part D plans?
No, Bankers Fidelity does not offer Medicare Part D plans at this time.
Is Bankers Life a good company?
Bankers Life is a reputable carrier and has been in business for decades. All major rating companies highly rate their Medicare Supplement plans.

How to Enroll in Bankers Life Medicare Supplement Plans

We recommend enrolling in a Medigap Supplement plan during your Medicare Supplement Open Enrollment Period. In this window, you can sign up for a plan with no underwriting. This means you cannot be denied a policy due to pre-existing health conditions.

If you enroll after your Open Enrollment period and do not have guaranteed issue rights, you may need to answer underwriting health questions. If this is the case, you may be subject to a policy denial or higher premiums based on your health.

We take pride in providing our clients with the best solutions available. Our licensed agents have the knowledge and training to help you plan for your future healthcare. To compare plans in your area and to review carriers such as Bankers Life, complete our online rate form.

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Sources:

MedicareFAQ is dedicated to providing you with authentic and trustworthy Medicare information. We have strict sourcing guidelines and work diligently to serve our readers with accurate and up-to-date content.

  1. Medicare Supplement Insurance, Bankers Life. Accessed May 2022.
    https://www.bankerslife.com/medicare-supplement-insurance/
  2. Supplemental Health Insurance, Bankers Life. Accessed May 2022.
    https://www.bankerslife.com/supplemental-health-insurance/

Jagger Esch

Jagger Esch is the Medicare expert for MedicareFAQ and the founder, president, and CEO of Elite Insurance Partners and MedicareFAQ.com. Since the inception of his first company in 2012, he has been dedicated to helping those eligible for Medicare by providing them with resources to educate themselves on all their Medicare options. He is featured in many publications as well as writes regularly for other expert columns regarding Medicare.

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