Bankers Fidelity Medicare Supplement Plans Review

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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:
  • Can be bundled with life Insurance plans
  • Issue age pricing stability
  • Preferred and Standard level plans provide more choice within a specific plan type
  • No online quotes
  • Company reviews and ratings are not specific to 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 $141-421 $0 $0 $0 N/A
Plan F high-deductible $42-62 $0 after deductible met $0 after deductible met $0 $2,490
Plan G $113-291 $0 $233 $0 N/A

*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.
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Certified Senior Advisor (CSA)®

As a health care professional since 1987, Kelly Blackwell has walked alongside and cared for seniors as they journey through the season of their fourth quarter of life. Blackwell holds a Bachelor of Science in nursing from the University of Northern Colorado, a Master of Science in health care administration from Grand Canyon University, an interprofessional graduate certificate in palliative care from the University of Colorado Anschutz Medical Campus and holds a Certified Senior Advisor® credential from the Society of Certified Senior Advisors.

Blackwell contributes to the University of Colorado-Anschutz blog and has been published in “The Human Touch” distributed by the University of Colorado Center for Bioethics and Humanities. She cowrote “Dying Is” for Pathways Hospice.

A registered nurse, Blackwell understands health insurance choices influence quality of life and are driven by values, goals, and beliefs. She’s passionate about engaging with, educating, and empowering seniors as they navigate the health care system. She’s equipped to lend an experienced, compassionate voice to beneficiaries seeking information about Medicare Advantage Plans.

As a CSA®, Blackwell has access to valuable resources for Medicare beneficiaries. Her work as a bedside nurse and clinical manager has given her the opportunity to see how Medicare rules, regulations, and benefits work when patients need them. With a passion to learn and to make a difference in the lives of seniors, Blackwell supports seniors through Medicare and fourth-quarter life decisions.

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