Kelly Blackwell is a Certified Senior Advisor (CSA)®. She has been a healthcare professional for over 30 years, with experience working as a bedside nurse and as a Clinical Manager. She has a passion for educating, assisting and advising seniors throughout the healthcare process.
|A.M. Best financial strength rating: A-||BBB rating: A+||Consumer Affairs rating: 3.8 stars|
Quick Bankers Fidelity Medicare Supplement Plans review: Bankers Fidelity Medicare Supplement Insurance (Medigap) plans are offered across the United States. Standardized plan options and prices vary by state.
Bankers Fidelity Medicare Supplement plans and are underwritten by Bankers Fidelity Assurance Company, which is a subsidiary of Bankers Fidelity Life Insurance Company. The parent company, Atlantic American Corporation, is based in Georgia and is licensed in 46 states and the District of Columbia. The company has offered life and health insurance products to seniors for more than 65 years and reports high customer satisfaction and excellent financial stability.
Bankers Fidelity’s Medigap plans have a pricing structure based on issue age. This is unique compared to most other carriers’ plans. Issue age policy premiums are locked in when you first enroll and only rise with inflation.
You must contact a Bankers Fidelity agent or insurance broker to discuss Medigap plan details and rates, which are not readily accessible on Bankers Fidelity website.
Pros and Cons of Bankers Fidelity Medicare Supplement Plans
|What we like about Bankers Fidelity Medigap plans:||The drawbacks of Bankers Fidelity Medigap plans:|
What Do Bankers Fidelity Medicare Supplement Plans Cover?
Also known as Medigap, Bankers Fidelity Medicare Supplement plans work with Original Medicare Parts A and B. They help reduce your out-of-pocket costs by lowering or eliminating copays, coinsurance payments, and deductibles. Coverage is valid at Medicare-participating doctors and hospitals across the United States even when traveling. Medicare Supplement policies are compatible with Part D plans that can lower your prescription drug costs.
Bankers Fidelity offers all types of standardized Medicare Supplement plans, but not all are available in every state. Some states offer preferred or standard plans within a specific plan type. You can contact a Bankers Fidelity agent to discuss the difference between plans, optional or additional benefits, and cost savings. Policies are guaranteed renewable, as long as you pay your premiums.
Bankers Fidelity Medicare Supplement Plan Options
There are 10 universal Medigap policies known as plans A, B, C, D, F, G, K, L, M, and N, including standardized benefits and copay reductions. Plans C and F are only available to existing Medicare enrollees who became eligible for Medicare before 2020. New beneficiaries can sign up for a Medigap plan without restrictions during their seven-month initial enrollment period. Otherwise, insurers can base eligibility on your medical history.
Except for Plan F, you’re responsible for paying your $233 Part B deductible (in 2022) for medical services and diagnostics. Medigap policies can reduce or eliminate your Part A hospital deductible, which can save you up to $1,556 per benefit period in 2022. Some plans may pick up excess charges beyond Medicare-approved amounts, and they can limit your out-of-pocket expenses.
Monthly premiums vary by age, tobacco use, and gender of the applicant. Keep in mind that Medigap plans are per person, so if you’re married, both you and your spouse need to purchase one. All of Bankers Fidelity Medigap plans have issue age pricing.
Compare some of your Bankers Fidelity Medicare Supplement Plan options before making a decision. You can compare plans on Medicare.gov but will need to contact a Bankers Fidelity Life Assurance agent to determine your monthly premium.
Here are a few examples from Bankers Fidelity Georgia offerings in 2022: (Note: Plan N, a popular plan, is offered by Bankers Fidelity, but not in Georgia. Plan F and Plan F high-deductible plans are available to Medicare beneficiaries who were eligible before January 1, 2020).
|Plan name||Monthly premium†||Part A hospital deductible||Part B medical deductible||Member responsibility for excess charges||Out-of-pocket maximum|
|Plan A||$101-330||$1,556||$233||All costs||N/A|
|Plan F high-deductible||$42-62||$0 after deductible met||$0 after deductible met||$0||$2,490|
*Based on pricing in Atlanta, GA for a 65-year-old female, no tobacco use
†Rates are based on medical eligibility, gender, and your age at the time of enrollment
Bankers Fidelity Medicare Supplement Plans Reviews and Ratings
Because Bankers Fidelity is a subsidiary of Atlanta American Corporation, and their Medigap plans are underwritten by Bankers Fidelity Life Insurance Group, ratings and reviews are based on the parent company. Even though Bankers Fidelity Medicare Supplement plans are not rated or reviewed separately, you can see how the corporation as a whole is viewed by A.M. Best, the Better Business Bureau, and Consumer Affairs.
|A.M. Best financial strength rating: A-||A.M. Best is a credit rating agency that specializes in the insurance industry.
An A- rating in this category indicates that A.M. Best believes Bankers Fidelity Life Insurance Group has an excellent ability to meet its insurance obligations.
|BBB rating: A+||Although the Atlanta American Corporation, which is the parent company of Bankers Fidelity, is not accredited through the Better Business Bureau, it has an A+ rating. The business has zero complaints.|
|Consumer Affairs rating: 3.8 stars||Consumer Affairs gave Bankers Life and Casualty Life Insurance a rating of 3.8 stars based on 152 customer reviews. Reviews are not specific to the company’s Medigap policies. Most reviews are based on consumer experience with life insurance policies, but some beneficiaries also have a Medigap policy. Negative reviews for difficulty reaching customer service and slow claims processing. Positive reviews for individual agents attentiveness to customer needs.|
Learn More From Our Sources
- Bankers Fidelity | Medicare Supplement Insurance | Last accessed December 2021
- Bankers Fidelity | Mission and History | Last accessed December 2021
- Better Business Bureau | Atlantic American Corporation | Last accessed December 2021
- Consumer Affairs | Bankers Life and Casualty Life Insurance | Last accessed December 2021
- Medicare | What’s Medicare Supplement Insurance (Medigap)? | Last accessed December 2021
- Medicare | Find a 2022 Medigap Policy | Last accessed December 2021
- Medicare | How to Compare Medigap Policies | Last accessed December 2021