Unexpected medical costs can drain a savings account if you are forced to pay the gaps left by original Medicare coverage.
That’s why you should consider a Bankers Fidelity Medicare Supplement plan, one of our top 10 private Medigap providers.
Bankers Fidelity Medicare Supplement Insurance will pay the medical costs that Medicare does not, or at least, pay a portion of them.
In this article, we will review Bankers Fidelity’s business history, financial ratings, and their current Medigap plans offered.
Note: Plans are not offered in every state. We recommend you get started with a free Medicare Supplement quote by state.
You will also want to learn about the brand new Medicare Supplement Plan available in January 2020, the High Deductible Plan G (HDG).
Who Is Bankers Fidelity?
Bankers Fidelity offers multiple Medicare Supplement Plans, which all offer the standard coverages and access to the nationwide Medicare network.
As is true with all Medigap providers, they offer guaranteed renewable coverage and no pre-existing waiting period coverages.
Some coverages and plans may vary from State to State, check with a Senior Benefits agent to find out the options for your State.
The Bankers Fidelity Life Insurance Company was founded in 1955 as a subsidiary of the Atlantic American Corporation.
Headquartered in Atlanta, Georgia, they are an industry leader in Senior and other related health insurance products, offering:
- Medicare Supplement
- Short-Term Care
- Final Expense Life Insurance
- Level Term Life Insurance
- Level Whole Life Insurance
- Cancer Care Solution
- Dual Disability®
Bankers Fidelity Rating (BBB & AM Best)
You can buy Bankers Fidelity Supplemental Insurance or their other offerings confidently as they enjoy an A+ Better Business Bureau (BBB) rating.
Their parent corporation, Atlantic American Corp has been in business since 1947 and also touts an A+ Better Business Bureau rating.
The BBB has high ethical business standards that member businesses are required to uphold to maintain a high rating.
Insurance carriers are also rated by AM Best, who is recognized by the industry as the top rating agency.
Bankers Fidelity has a BEST rating of A- for financial transparency and their excellent ability to meet their ongoing insurance obligations.
Bankers Fidelity Medigap Plans
Bankers Fidelity has been around since 1955 and has a client-focused philosophy.
They are also a wholly-owned subsidiary of Atlantic American Corporation.
Bankers Fidelity has a focus on the senior market with products like Medicare Supplement, Short-Term Care, and Senior Security® Final Expense to name a few.
Bankers Fidelity Life Insurance Company is rated A- (Excellent) by A.M. Best Company and holds 4.7 out of 5 stars based on customer satisfaction reviews.
Product Features
- covers some costs that Original Medicare doesn’t.
- See any doctor who accepts Medicare.
- No referrals needed to see a specialist.
- Coverage that goes with you anywhere in the U.S.
- Guaranteed coverage for life; Just pay your premiums
Plans Offered By Bankers Fidelity
Plan A, Plan B, Plan C, Plan F
Plan G, Plan K, Plan N
Senior Benefit Services Thinks
Bankers Fidelity was named in the Ward’s 50 Top Performing Life & Health Insurers.
You can’t go wrong with a Bankers Fidelity Medigap Plan.
Bankers Fidelity does not offer their Medigap policies in AK, CA, CT, FL, MA, ME, MN, NH, NY, OR, RI, VT, WA or WI.
Review Of Bankers Fidelity Medicare Supplement Plans Offered
There are multiple Medigap plans you can choose to cover the gap between what original Medicare pays and what it does not.
It can be very beneficial if you speak with a Senior Benefits Agent to determine which plan is best for your needs and budget.
Some supplemental plans offer benefits that others do not, such as access to Silver Sneakers fitness programs or more generous out of network options.
Speak with a Senior Benefits expert to have your gap insurance custom-tailored for your lifestyle.
Senior Benefits has partnered with Bankers Fidelity, and together, they offer competitively priced Medicare Supplement Plans.
The following Medigap plans are currently the most popular that Bankers Fidelity offer:
Banker Fidelity Plan F
For many years Medicare Supplement Plan F has been the most popular and offered the most comprehensive coverage.
Anyone who becomes eligible for Medicare after January 1, 2020, will not be able to enroll in Medigap Plan F (or Plan C).
If you were eligible for Medicare before January 1, 2020, you would still be able to enroll in Plan F or continue with coverage.
Only people who become eligible for MedSup Plan F after January 1, 2020, will not be eligible to enroll in Plan F (or Plan C).
The reason Plan F is so popular is because it covers all the cost gaps that original Medicare does not.
A Plan F monthly premium covers the costs of; Medicare Part A & B deductibles, Medicare Part B coinsurance, the first 3 pints of blood, and Part A hospice coinsurance.
Medicare Supplemental Insurance Plan F also includes skilled nursing care coinsurance, Part B doctors’ excess charges, and up to 80% of foreign travel emergency medical costs (with some policy limitations).
Many have speculated that the premiums will rise disproportionately to other plans because Plan F will soon no longer be available to new young 65-year-olds.
For this reason, discuss with a Senior Benefits Agent whether Plan F or a very similar Plan G may be right for you.
Plan G
The only difference between Plan F vs. Plan G is that you have to pay your Medicare Part B deductible with Plan G.
All other coverages are the same, and most Plan G policies are a little bit cheaper for some reason.
You can click on the free no-obligation request a quote button below to find out which Medicare Supplement Plan is best for you.
| BENEFITS | PLAN G | PLAN F |
|---|---|---|
| Part A Hospital
Co-Insurance |
YES | YES |
| 365 Hospital Reserve Days | YES | YES |
| Part B Co-Insurance /Co-Payment | YES | YES |
| Blood Benefit
(First 3 Pints) |
YES | YES |
| Hospice
Co-Insurance / Co-Payment |
YES | YES |
| Skilled Nursing Facility Co-Insurance | YES | YES |
| Part A Deductible | YES | YES |
| Part B Deductible | NO | YES |
| Part B
Excess Charge |
YES | YES |
| Foreign
Travel Benefit |
80% | 80% |
| Out Of Pocket Limit | N/A | N/A |
High Deductible Plan G (HDG)
Effective January 1, 2020, you will be able to purchase a new plan, called the High Deductible Plan G or HDG Plan.
This plan will offer the same coverage as Medicare Supplemental Plan G but, as the name implies, you will have to pay a high deductible before coverage kicks in.
According to the National Association of Insurance Commissioners (NAIC), the 2020 high deductible for plan G will be $2,180.
Speak to a Senior Benefits Medicare Supplement Expert today to find out if High Deductible Plan G makes sense for you.
Bankers Fidelity Plan N
Medicare supplemental insurance plan N makes a lot of sense for people looking for a less expensive premium, as compared to Plan F vs. Plan G.
With Plan N, you will be responsible for paying your Medicare Part B deductible, any doctors’ excess charges, and copays for doctors visits and trips to the emergency room.
MedSup covers these charges if you have plan F or G.
Plan N does not offer you as much coverage as compared to plans F and G and you need to plan to pay some of your medical bills out of pocket each year.
Be sure to speak with a Senior Benefits Agent before choosing Plan N because you don’t want to be surprised by medical bills.
| BENEFITS | PLAN N | PLAN F |
|---|---|---|
| Part A Hospital
Co-Insurance |
YES | YES |
| 365 Hospital Reserve Days | YES | YES |
| Part B Co-Insurance /Co-Payment | YES | YES |
| Blood Benefit
(First 3 Pints) |
YES | YES |
| Hospice
Co-Insurance / Co-Payment |
YES | YES |
| Skilled Nursing Facility Co-Insurance | YES | YES |
| Part A Deductible | YES | YES |
| Part B Deductible | NO | YES |
| Part B
Excess Charge |
NO | YES |
| Foreign
Travel Benefit |
80% | 80% |
| Out Of Pocket Limit | N/A | N/A |
Taking Action
Hopefully, you learned a bit more about Bankers Fidelity and the Medicare Supplement Plans that they have to offer. While this review of Bankers Fidelity is for their Medigap plans, they also offer a very solid hospital indemnity plan.
Senior Benefit Services, Inc. has a great relationship with Bankers Fidelity and can provide you with your Medigap quote today.
You can request a free no-obligation quote and speak with a Senior Benefits Agent about your Medicare gap coverage immediately.