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The Bankers Fidelity Life Insurance Company has been a critical player in the insurance industry since 1955. As a subsidiary of the Atlantic American Corporation, the company has carved a niche in the healthcare sector, particularly in providing Medicare products and services. With corporate headquarters in Atlanta, Georgia, it has built a reputation for reliability and comprehensive coverage.
This article delves into Bankers Fidelity’s role as a Medicare plan provider for 2024. We aim to equip you with thorough knowledge about its offerings and enable you to make informed decisions regarding your healthcare needs.
What Medicare Plans Does Bankers Fidelity Offer?
Bankers Fidelity zeroes in on Medicare Supplement (MedSupp) plans, focusing its resources in this area rather than dispersing its attention across Medicare Advantage or Part D prescription drug plans. This concentrated approach allows it to enhance its MedSupp coverage and provide exceptional customer support.
Plan Options
Medicare Supplement Plans: Bankers Fidelity offers a variety of MedSupp plans, with most members gravitating towards the top three national plans – Medigap Plan F, Plan G, and Plan N.
Plan F and G also offer high-deductible options, labeled HDF and HDG respectively.
Subsidiary Companies
Bankers Fidelity has expanded its reach through various subsidiaries:
- American Benefit Life
- Colonial Penn
- Resource Life
- The Capitol Life
These subsidiaries enhance their network and capability to serve a diverse clientele.
Coverage Chart
Bankers Fidelity MedSupp plans provide a range of coverages, best illustrated through a chart that marks covered benefits with an X.
| PLAN | A | B | C | D | F | G | K | L | M | N |
| Part A Hospital Coinsurance | X | X | X | X | X | X | X | X | X | X |
| Hospital Reserve Days | X | X | X | X | X | X | X | X | X | X |
| 3 Pints of Blood | X | X | X | X | X | X | 50% | 75% | X | X |
| Part B Coinsurance | X | X | X | X | X | X | 50% | 75% | X | *Copays |
| Hospice Coinsurance | X | X | X | X | X | X | 50% | 75% | X | X |
| Skilled Nursing Facility | X | X | X | X | 50% | 75% | X | X | ||
| Part A Deductible | X | X | X | X | X | 50% | 75% | 50% | X | |
| Part B Deductible | X | X | ||||||||
| Part B Excess Charges | X | X | ||||||||
| Foreign Travel Benefit | X | X | X | X | X | X | X | X | ||
| Preventive Care Coinsurance | X | X | X | X | X | X | X | X | X | X |
| Out-of-Pocket Limit | None | None | None | None | None | None | $6,940 | $3,470 | None | None |
| *Copays are $20 per office visit and $50 per emergency room visit if not admitted to a hospital.’X’ symbolizes the specified benefit is covered 100%. | ||||||||||
Providers/States Availability
Bankers Fidelity is licensed in 46 states and the District of Columbia. It offers its plans through a network of providers. The availability of specific plans can vary by location.
Pros and Cons
Evaluating the advantages and disadvantages of Bankers Fidelity plans is crucial for making an informed decision that suits your healthcare needs and financial considerations.
Pros
These positive aspects highlight the benefits and customer-friendly features that Bankers Fidelity offers through its Medicare plans.
- Liberal Underwriting: The company is more likely to accept clients with health concerns, making its plans accessible to a broader demographic.
- 30-Day Free Look Period: This lets clients review their plans thoroughly before committing.
- Variety of Medicare Supplement Plan Options: Customers can choose a plan that best suits their needs.
Cons
Understanding the following drawbacks is essential for a comprehensive view of what Bankers Fidelity offers and how it might impact your insurance experience.
- Higher Monthly Premiums: While offering comprehensive coverage, Bankers Fidelity plans tend to be more expensive.
- Above-Average Rate Increases: Customers might experience higher-than-average increases in premiums over time.
- Geographical Restrictions: The availability of its plans and specific benefits can vary by state. That means not all options are accessible to everyone and choices for some beneficiaries may be limited.
Discover More with CoverRight: Your Personal Medicare Concierge
As you delve deeper into Medicare and explore your options, remember that guidance is just a click away with CoverRight. From understanding the fundamentals of Medicare to navigating the complexities of plan selection, CoverRight offers concierge services around all aspects of Medicare. We are dedicated to simplifying the process and ensuring you find a plan that aligns perfectly with your needs.
FAQs
Does Bankers Fidelity Plan G Cover Medicare Deductible?
Bankers Fidelity Plan G covers the Medicare Part A deductible but does not cover the Medicare Part B deductible.
What Costs Do Bankers Fidelity Medicare Supplements Cover?
Depending on the chosen plan, coverage might include the Medicare Part A deductible, Skilled Nursing Facility copays, Hospice care coinsurance, Part B excess charges, foreign travel emergency services, cost of pints of blood, and other medical costs related to Medicare Parts A and B.
