Bankers Fidelity Medicare Supplement Insurance Review: See Plans, Costs, Benefits, & How to Enroll

Last Updated: January 2021

Medicare Supplement Insurance from Bankers Fidelity comes with over 60 years in the supplemental benefits field. Highly rated, and highly reviewed, you may find the right combination of coverage and cost with Bankers Fidelity.

In this article, we will review Bankers Fidelity Medicare Supplement insurance plans, costs, benefits, how to enroll, and more.

• About Bankers Fidelity Life Insurance Company
• How Medicare Supplement Insurance Works with Original Medicare
• Which Medicare Supplement Plans Does Bankers Fidelity Offer?
• How Much Do Bankers Fidelity Supplement Insurance Plans Cost?
• Benefits Provided By Bankers Fidelity Medicare Supplement Insurance Plans
• Switching from One Supplement Insurance Plan to Another
• How to Enroll in a Bankers Fidelity Medicare Supplement Insurance Plan
• Alternatives to Bankers Fidelity Medicare Supplement Insurance

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About Bankers Fidelity Life Insurance Company

Bankers Fidelity Life Insurance Company was founded in 1955, and is headquartered in Atlanta, Georgia. Since then, they have grown into a premier supplement benefits insurer with a financial strength rating of “A-” from A.M. Best.

Bankers Fidelity offers the following products and services beyond Medicare Supplement Insurance:

• Short Term Care
• Final Expense Life Insurance
• Level Term Life Insurance
• Level Whole Life Insurance
• Cancer Care
• Disability

Bankers Fidelity is also the owner of a subsidiary, Bankers Fidelity Assurance Company.

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How Medicare Supplement Insurance Works with Original Medicare

Medicare is a federal health insurance program administered by the Centers For Medicare and Medicaid Services (CMS). Originally intended to provide health care for retirees, the program has expanded to cover non-retirees with certain disabilities or health conditions.

Original Medicare provides Beneficiaries with hospital coverage (Part A) and outpatient medical coverage such as physical services (Part B). Under Original Medicare, Beneficiaries still incur expenses, including:

• Part A Deductible ($1,364 per benefit period in 2019)
• Part B Deductible ($185 for 2019)
• Part B Coinsurance (Beneficiary responsible for 20% of Medicare-approved fees for physician and outpatient services.
• Original Medicare does NOT provide emergency coverage outside the United States
• There is no annual Out Of Pocket Maximum limit under Original Medicare

Medicare Supplement Insurance Plans, which are also called Medigap Plans, are policies issued by private companies that pay for some or all of your expenses under Original Medicare. They “fill in the gaps” of Original Medicare, hence their nickname.

Enrollment Requirements for Medicare Supplement Insurance

To enroll in a Medicare Supplement Insurance policy, you must satisfy the following:

• Current eligibility and enrollment in both Parts A and B
• You must continue to pay your Part B premium (and Part A if applicable)
• You cannot be simultaneously enrolled in Medicare Advantage
• You must obtain prescription drug coverage from a standalone Part D Drug Plan
• You may need to be age 65 or older (depending on your state of residence)

These plans are standardized across 47 states, but Minnesota, Wisconsin, and Massachusetts have their own laws for Medicare Supplement Insurance.

If you have a Medicare Supplement Insurance policy, regardless of which state you reside in, or which standardized Plan you choose (see more below), you have the freedom to see any doctor or hospital system that accepts Medicare, all across the USA. You can learn more about Medicare Insurance in our full guide here as well.

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Which Medicare Supplement Plans Does Bankers Fidelity Offer?

Bankers Fidelity offers most of the standardized Medicare Supplement Plans, although they don’t offer all of them in every state.

They do offer the three most popular plans, F, G, and N, which are summarized below.

Bankers Fidelity Plan F

This is the most comprehensive plan available. Plan F pays the following benefits:

• 100% of Part A and B Deductible
• 365 extra hospital days (beyond Original Medicare and over your lifetime)
• First 3 pints of blood (Original Medicare pays after the first 3 pints)
• Hospice care copayment or coinsurance under Original Medicare Part
• All Medicare Excess Charges
• 100% of Medicare Part B costs (Beneficiaries are normally responsible for 20% of Part B expenses under Original Medicare).
• Nursing home coverage
• Foreign travel Emergency Coverage, up to plan limits

With Plan F, it is likely you will never receive a medical bill, so long as you receive Medicare-covered Medical services. For this reason, many people call Plan F, Plan “Fabulous”.

Bankers Fidelity Plan G

Plan G is an almost-twin to Plan F. The only difference? Plan G doesn’t pay the Part B deductible. You are responsible for the first $185 (2019 amount, subject to yearly adjustment by CMS) of expenses for Part B services.

Plan G will replace Plan F as the most comprehensive Plan, starting in 2020. For 2019, Plan G works great for those desiring comprehensive coverage, but at a lower cost than Plan F.

Bankers Fidelity Plan N

This plan differs from Plans F and G, but still offers many of the same benefits. Bankers Fidelity Plan N closes the Part B coverage gap with small co-pays. This is similar to employer-based health insurance:

• $20 maximum co-pay for office visits
• $50 maximum copay for emergency visits
• Does NOT pay Part B excess-charges (fees from physicians who don’t accept official Medicare prices. These charges cannot exceed 15% of the Medicare-approved amount).

If you don’t mind the small co-payments and take care to avoid excess charges, Plan N can give you Plan F and G type coverage for a much lower premium.

Bankers Fidelity Medigap Plans are Guaranteed Renewable each and every year. This means your coverage cannot be canceled (as long as you make the required premium payments).

Medicare Beneficiary Update – Plans C, F, and G

Beginning January 1, 2020 Plans C, F, and High Deductible F will cease to be available for Beneficiaries who become eligible on or after that date. If you already have Plan C, F, or High Deductible F, you will NOT be affected by this law change.

If you are eligible for Medicare before January 1, 2020, you’ll keep the right to enroll in these plans in the future, even if you don’t currently have coverage under Plans C, F, or HDF. Underwriting may apply, though, if no Guaranteed Issue Right exits.

Also new for 2020 is the availability of High Deductible Plan G (HDG). HDG is just like regular Plan G except for a deductible of $2,180. The Plan will pay 100% of covered expenses after you meet the deductible. The premium will be less than regular Plan G.

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How Much Do Bankers Fidelity Supplement Insurance Plans Cost?

Medicare Supplement Insurance Plan premiums are set by private insurance companies, so this can vary. Premiums are subject to regulatory approval, and the insurance companies compete against each other so they tend to be similar. Premiums can be based on:

• Age when you enroll
• Age at each anniversary of enrollment
• Whether you use tobacco
• Standardized Plan that is chosen (more comprehensive plans, like F, cost more)
• Actual vs. expected claims experience for the insurance company

Medigap insurers are allowed to adjust premiums periodically, and they usually do this on a yearly basis. As with other types of life or health insurance, premiums are usually lower, the younger you are. However, other factors can affect premium increases.

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Benefits Provided By Bankers Fidelity Medicare Supplement Insurance Plans

Medicare Supplement Insurance policies issued by Bankers Fidelity come with these benefits:

• 30 day free look period
• Household discounts available
• Portable coverage

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Switching from One Supplement Insurance Plan to Another

You may not be able to switch from one Medicare Supplement Plan to another, either from one insurance carrier to another, or from one plan to another (say from Plan F to Plan A).

Most Medicare Beneficiaries have a Guaranteed Issue Right when they first become eligible for Part B. This Right allows you to enroll in a Medicare Supplement Insurance Plan without underwriting. You cannot be declined, and you will pay the lowest rate during this period.

If you don’t enroll in Medicare Supplement Insurance during this 6 month Guaranteed Issue window, but want a Medigap Plan later, you will probably be subject to medical underwriting. Your premiums may be higher based on your health. Also, you can be declined for coverage.

Because of the risks of Medical Underwriting, it is very important to consider whether Medicare Supplement Insurance is a fit for you before your Guaranteed Issue period expires.

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How to Enroll in a Bankers Fidelity Medicare Supplement Insurance Plan

It is very easy to enroll in a Bankers Fidelity Medigap Plan. You can use an independent agent to enroll:

• Online through Bankers Fidelity
• Over the phone
• With a paper application, face to face, or through the mail

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Alternatives to Bankers Fidelity Medicare Supplement Insurance

If you are considering Bankers Fidelity for Medicare Supplement Insurance, be sure to compare their plans with other carriers to find the right plan for your specific needs:

• Humana Medicare Supplement Insurance
• Mutual of Omaha Medicare Supplement Insurance
• Cigna Medicare Supplement Insurance
• Aetna Medicare Supplement Insurance
• AARP Medicare Supplement Insurance