Medicare Supplement Quotes

Bankers Fidelity Assurance Company Review

Written by Evens Stevenson

If you’re 65 or older, you’re probably enrolled in Medicare Parts A and B to help with paying for your healthcare needs. Part A and Part B of Medicare can pay for a long list of health and medically related needs, including inpatient hospitalization, doctors’ services, and medical equipment that is required.

Yet, while Medicare does pay for many items that relate to health care, this program can also require a great deal of out-of-pocket expense. This can include your responsibility for making copayments and deductibles, as well as coinsurance amounts.

If you’re worried about all of those charges, then you should consider buying additional insurance. One of the best ways to secure better protection is by purchasing a Medicare Supplemental plan.

bankers fidelityUnlike with traditional Medicare, you have some choices with Medigap protection. These plans aren’t one-size-fits all. There are ten choices. Medigap A through Medigap F.

Even though these plans aren’t sold by Medicare, all of the private insurance carriers that sell it are required to cover the very same benefits of the same letter as a different company. Regardless of where a Medicare Supplement Plan A is purchased, it will have the same identical coverage. Even though the coverage is the same, the price isn’t.

With that in mind, when you are seeking the right Medigap plan for your specific needs – and budget – it is important to go with a company that has a long history of great service. One company which can give you an affordable Medigap plan is Bankers Fidelity Assurance.

The History of Bankers Fidelity Assurance Company

Bankers Fidelity Assurance Company was established in 1955. Throughout the years, they have grown and expanded, and today it is considered to be one of the leading providers of Medicare Supplement insurance.

Can sell products in 46 of the U.S. states, and the District of Columbia. It is headquartered in Atlanta, Georgia, and is a subsidiary of Atlantic American Corporation, along with Bankers Fidelity Life Insurance Company.

Bankers Fidelity Assurance Company is well known for helping seniors to “claim your life” through its Medicare Supplement insurance products, as well as other insurance and financial solutions. Over the past 20 years, Bankers Fidelity has nearly doubled the number of states where their policies are currently available.

Bankers Fidelity Assurance Company Review

Bankers Fidelity Assurance Company is known for its market experience – primarily in the Medicare Supplement niche, as well as with other insurance products that are geared to those who are seniors.

The company has competitive premium rates on the coverage that it offers, and it has a very stable claims paying record – especially given its strong financial reserves. This has led Bankers Fidelity Assurance Company to attain high marks for customer satisfaction.

Insurer Ratings and BBB Grade

Mostly because of its strong and stable financial footing, along with its timely payment of claims, Bankers Fidelity Assurance Company has received very good ratings from third-parties.

In addition, even though the parent company of Bankers Fidelity Assurance Company – Atlantic American Corporation – does not have accreditation from the BB., but they have given them an A+.

Medicare Supplement Insurance Offered By Bankers Fidelity Assurance Company

Bankers Fidelity Assurance Company sells several Medigap options. This can help its clients in narrowing which of the plans works the best for them and their specific needs:

  • Plan A
  • Plan F
  • Plan G
  • Plan N

We are going to start with the standard plan, Medigap Plan A:

  • Medicare Part A coinsurance and hospital costs – up to an additional 365 days after Medicare benefits have been used up
  • Medicare Part B coinsurance or copayment
  • Blood – the first three pints that may be needed each year
  • Medicare Part A hospice care coinsurance or copayment

At the other end of the coverage spectrum is Plan F. It will give you the most protection:

  • Medicare Part A coinsurance and hospital costs – up to an additional 365 days after Medicare benefits have been used up
  • Medicare Part B coinsurance or copayment
  • Blood – the first three pints that may be needed each year
  • Medicare Part A hospice care coinsurance or copayment
  • Skilled nursing facility care coinsurance
  • Medicare Part A deductible
  • Medicare Part B deductible
  • Medicare Part B excess charges
  • Foreign travel emergency – up to the plan’s limit (80 percent)

Likewise, Medicare Supplement Plan G is also comprehensive, in that this plan provides nearly all of the same benefits that are offered in Plan F, such as:

  • Medicare Part A coinsurance and hospital costs – up to an additional 365 days after Medicare benefits have been used up
  • Medicare Part B coinsurance or copayment
  • Blood – the first three pints that may be needed each year
  • Medicare Part A hospice care coinsurance or copayment
  • Skilled nursing facility care coinsurance
  • Medicare Part A deductible
  • Medicare Part B deductible
  • Medicare Part B excess charges
  • Foreign travel emergency – up to the plan’s limit (80 percent)

For those who are seeking more than just the basic set of core benefits (which are offered in Medigap Plan A), yet do not feel that they need as much full coverage that is provided in Plans F and G, there is Plan N. This Medigap plan offering is also included in the Bankers Fidelity Assurance Company product mix, and its coverage includes:

  • Medicare Part A coinsurance and hospital costs – up to an additional 365 days after Medicare benefits have been used up
  • Medicare Part B coinsurance or copayment
  • Blood – the first three pints that may be needed each year
  • Medicare Part A hospice care coinsurance or copayment
  • Skilled nursing facility care coinsurance
  • Medicare Part A deductible

Given its Medicare Supplement insurance coverage plan options, Bankers Fidelity Assurance Company can be a good option for anyone looking for Medigap protection.

It is important to note that those who receive benefits through Medicare, a Medicare Supplement can be a great way to get additional coverage. If, however, you receive your benefits through Medicare Advantage plan (which is also known as Medicare Part C), then you will not be able to purchase a Medicare Supplement plan – unless you switch your Medicare coverage back over to Part A and Part B.

Other Products Provided Through Bankers Fidelity

Bankers Fidelity Assurance Company also offers a lot of other products:

  • Short-term Care – With the short-term care coverage that is offered by Bankers Fidelity, daily coverage of between $20 and $300 may be selected. The benefit periods on this care ranges from 180 to 360 days, and there is a 20 day elimination period (waiting period) before the benefits will begin.
  • Senior Security Final Expense and Senior Security Final Expense E100 – As a final expense life insurance company, Bankers Fidelity Assurance Company offers a nice selection of coverage. The policies can range from $3,000 in benefits up to $50,000. Once the policy has been issued, there is no waiting period for benefits – and there are both Standard and Preferred premium rates available. As these plans are whole life insurance, the premium rate will not increase over time, and the amount of the death benefit will not decrease. These plans will also build up cash value in a tax-deferred manner – and this cash can be withdrawn or borrowed by the policyholder for any reason.
  • Level Term Life Insurance – With term life insurance, there is death benefit only coverage without any type of cash value or savings build up. Because of that, however, the premiums that are charted for term life coverage will typically be lower than for a comparable whole life insurance plan. Term life coverage through Bankers Fidelity Assurance Company can range from $25,000 up to $250,000 and either a 10- or a 20-year time frame can be selected. There are also several options riders that can be added to these policies, which can essentially help an insured to better customize his or her plan. These riders include a waiver of premium for disability, an accidental death benefit, and a children’s insurance rider.
  • Single Premium Whole Life Insurance – As its name implies, the single premium whole life insurance coverage only requires one premium, and the coverage is paid up for the insured’s lifetime.
  • Cancer Care Solution – The Cancer Care Solution that is offered through Bankers Fidelity can provide benefit to the insured and his or her family for a number of needs, such as hospital stays, intensive care, private nursing, travel and lodging, childcare, and household assistance.
  • Dual Disability – If an insured becomes ill or injured, and is unable to work for a long period of time, a disability policy can provide a regular income so that bills can still be paid.

Where to Get the Perfect Medigap Protection

If you want to get the cheapest supplemental protection, there is a simple way to do that. Give us a call.

The main benefit of working with one of our agents is we have relationships with dozens of highly rated companies.

Giving us a call is like working with dozens of companies at once. It’s the most time efficient way to get Medigap coverage.

If you have questions about Bankers Fidelity or about Supplemental insurance in general, let us know. We would be happy to answer those questions and connect you with the best plan available.

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