If you are a senior forced to pay for the gaps left by original Medicare coverage, you know medical bills can start piling up quickly. Bankers Fidelity Life Medicare Supplement insurance is designed to help you with medical costs where original Medicare leaves off.
Founded in 1955, Bankers Fidelity Life offers Medicare supplement insurance policies in many states. They have an excellent A- rating with A.M. Best.
Bankers Fidelity Life Medicare supplement plans all offer the standard Medigap features such as nationwide access to Medicare providers. They also offer guaranteed renewable coverage and no pre-existing condition waiting periods. Available plans, coverage and options may vary by state.
Here are some of the Medicare Supplement Insurance plans available through Banker’s Life:
Bankers Fidelity Life Medicare Supplement Plan F
Plan F is the most popular plan available and offers the most comprehensive coverage. It pays for all the gaps including your Medicare Part B coinsurance, first 3 pints of blood, and Part A hospice coinsurance. It also covers skilled nursing care coinsurance, Medicare Part A and B deductibles, Part B excess charges and up to 80% of foreign travel emergency care up to the policy limit.
There is also a high-deductible version of Plan F where you pay the first $2200 out of pocket. After that is satisfied, then the plan function just like regular Plan F for the rest of the year.
Due to some legislation in 2015, however, Plan F will be discontinued for new enrollees in 2020. At that time, the next most comprehensive people may consider is Plan G.
Bankers Fidelity Life Medicare Supplement Plan G
Plan G pays for everything that Plan F does except for the Part B deductible. Since you pay that yourself, Plan G usually has lower premiums than Plan F.
Plan G pays for Medicare Part B coinsurance, first 3 pints of blood, Part A hospice coinsurance or copayment, skilled nursing care facility coinsurance, Medicare Part A deductible, Medicare Part B excess charges and pays for foreign travel emergency costs up to the plan limit.
Bankers Fidelity Life Medicare Supplement Plan N
Plan N is a good option for people who want lower premiums. On Plan N, you will still pay your own Part B deductible, excess charges and copays for doctor visits and ER visits.
Otherwise, it pays for Medicare Part B coinsurance, first 3 pints of blood, Part A hospice coinsurance, skilled nursing facility care coinsurance and 50% of Medicare part A deductible. Plan N also pays for up to 80% of foreign travel emergency care up to the plan limit.
Other Available Medicare Supplements from Bankers Fidelity Life
Plan A: Pays for Medicare Part B coinsurance, first 3 pints of blood, Part A hospice coinsurance or copayment.
(Medigap Plan A is the most basic Medicare supplement plan with the least coverage.)
Plan B: Pays for Medicare Part B coinsurance, first 3 pints of blood, Part A hospice coinsurance and Medicare Part A deductible.
Plan K: Pays for 50 % of Medicare Part B coinsurance, 50% first 3 pints of blood, 50% Part A hospice coinsurance. Also pays 50% of the Medicare Part A deductible.
Plan L: Pays for 75% of Medicare Part B coinsurance, 75% first 3 pints of blood, 75% and Part A hospice coinsurance.
Plan M: Pays for Medicare Part B coinsurance, first 3 pints of blood, Part A hospice coinsurance and skilled nursing facility care coinsurance. Pays 50% of Medicare Part A deductible and up to 80% of foreign travel emergency expenses up to plan limit.
Best Time to Purchase a Medicare Supplemental Policy
Once you reach age 65 and have applied for Original Medicare Part B coverage, you are eligible to purchase a supplement plan. However, the very best time to buy a plan is during the open enrollment period. This is the six-month period right after you turn 65 and apply for original Medicare coverage. During the open enrollment period, insurance companies cannot deny you coverage. They also cannot charge a higher premium because of pre-existing medical conditions.
Which Plan Should I Choose?
Are you still a little confused about what Banker’s Fidelity Life Medicare Supplement plan may be right for you? Our Medicare supplement experts can help you compare plans and prices for Bankers Fidelity Life Medicare supplements. We provide quotes from other carriers too.
The bottom line is that a Medicare supplement insurance policy from Banker’s Life or any Medigap company can help lower your out-of-pocket medical expenses. This portable coverage will protect you if you develop health problems. Your coverage travels with you and you can choose your doctor and visit any hospital without a referral.
We have trained agents waiting to help that can explain the benefits of a Medicare Supplement Policy in full detail. We’re here to help!