Bankers Fidelity Medicare Plans Review

In this Guide...

Bankers Fidelity offers Medicare Supplement plans in a number of states. Learn more about Bankers Fidelity Medicare plans and find out what Medigap plan benefits they offer.

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Bankers Fidelity Insurance Company has provided American seniors with insurance products for 65 years. Headquartered in Atlanta, GA, Bankers Fidelity is licensed in 46 states and the District of Columbia and operates as a subsidiary of Atlantic American Corporation. 

Bankers Fidelity holds an A- rating with A.M. Best for financial strength and has earned a 4.5 out of 5 star ratings based on customer reviews.   

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Bankers Fidelity Medicare Supplement Plans

In addition to short-term care, life, cancer and hospital indemnity insurance, Bankers Fidelity sells Medicare Supplement Insurance, also known as “Medigap.”

Medicare Supplement Insurance provides coverage for some of the out-of-pocket expenses that are required of Original Medicare (Part A and Part B). Depending on the plan, these covered expenses can include deductibles, copayments, coinsurance and more. 

The Medigap plans comparison chart below allows you to compare each type of standardized Medicare Supplement plan so you can clearly see what out-of-pocket Medicare costs each plan covers.

Comparison Chart of Medicare Supplement Plans 2024
Medicare Supplement Benefits A B C1 D F1 G K L M N
Part A coinsurance and hospital costs
Part B coinsurance or copayment 50% 75%
First 3 pints of blood 50% 75%
Part A hospice care co-insurance or co-payment 50% 75%
Co-insurance for skilled nursing facility     50% 75%
Medicare Part A deductible   50% 75% 50%
Medicare Part B deductible                
Medicare Part B excess charges                
Foreign travel emergency     80% 80% 80% 80%     80% 80%
1. Plans C and F are not available to new beneficiaries who became eligible for Medicare on or after January 1, 2020.
2. Plans F and G also offer a high deductible plan which has an annual deductible of $2,800 in 2024. Once the annual deductible is met, the plan pays 100% of covered services for the rest of the year. The high deductible Plan F is not available to new beneficiaries who became eligible for Medicare on or after January 1, 2020.
3. Plan K has an out-of-pocket yearly limit of $7,060 in 2024. Plan L has an out-of-pocket yearly limit of $3,530 in 2024.
4. Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to $50 for emergency room visits that don’t result in an inpatient admission.
View an image version of this table.

Some of the Bankers Fidelity Medicare plans that may be offered in your area include:

Bankers Fidelity Medigap Plan A

Plan A is the most basic Medigap plan. It pays for your Medicare Part A coinsurance costs for hospital and hospice care, Part B coinsurance costs and the first 3 pints of blood used for a blood transfusion. 

Bankers Fidelity Medigap Plan N

Plan N offers all of the basic benefits found in Plan A plus coverage of skilled nursing facility care coinsurance costs, the Medicare Part A deductible (which is $1,632 per benefit period in 2024) and 80% of the costs for foreign travel emergency care. 

In exchange for monthly premiums that are typically lower than for most other Medigap plans, Plan N members typically are required to pay a copay of up to $20 for certain visits to the doctor’s office and up to $50 when you visit the ER but aren’t admitted for inpatient hospital care.  

Bankers Fidelity Medigap Plan G

Plan G is a high-level Medigap plan that covers all of the benefits of Plan N and also pays for Medicare Part B excess charges. 

After 2020, Plan G is the Medigap plan that offers the most benefits of any type of Medigap plan that new Medicare beneficiaries can sign up for.

This means it is already quickly becoming a very popular plan and will likely become the most popular Medicare Supplement plan in years to come.

Bankers Fidelity Medigap Plan F

Plan F offers the highest level of Medigap benefits, including everything found in Plan G plus coverage of the Medicare Part B deductible.

You must have become eligible for Medicare before January 1, 2020 to be able to apply for Medicare Plan F.

This is because federal legislation now prevents Medicare Supplement insurance companies from offering Plan F to new Medicare beneficiaries. Because of this, many new Medicare beneficiaries who want a Medigap plan that’s almost as comprehensive as Plan F may consider applying for Plan G.

If you were first eligible for Medicare before 2020, you can still apply for or switch to Plan F if it’s available where you live.

Bankers Fidelity Medicare Plans By State

The selection of Bankers Fidelity Medigap plans may vary by state, but you can expect to find at least one Bankers Fidelity Medicare plan in almost every state except for AK, CA, CT, FL, MA, ME, MN, NE, NH, NY, OR, RI, VT, WA or WI. 

Bankers Fidelity Medicare Plan Providers

You can use your Bankers Fidelity Medicare Supplement plan at any doctor, hospital or provider anywhere in the U.S. or U.S. territories where Original Medicare is accepted.

Any health care provider who accepts Medicare will also accept your Bankers Fidelity Medigap plan.

This means that whenever you travel from one state to another, you can have peace of mind knowing that your Medicare card and your Bankers Fidelity Medicare Supplement plan card are all you need to get the health care you need from any Medicare provider, wherever you go.

Bankers Fidelity Medicare Plan Costs

The only way to find out how much you can expect to pay for a Medigap plan from Bankers Fidelity is to contact the company directly for a quote or to complete the Bankers Fidelity online Medicare Plan quote request form.

There are several factors that may affect the cost of a Medigap plan from Bankers Fidelity, including: 

  1. Women will sometimes pay a lower rate than men because of their longer life expectancy.

  2. Younger applicants often pay less than older enrollees.

  3. Location can affect the cost of a Medigap plan, as the same plan may cost significantly more or less in one state or county than another.

  4. Discounts are sometimes available to beneficiaries for reasons such as being a non-smoker or living with a spouse. Discounts can vary, so it’s good to ask about any discounts that may be available with plans in your area.

  5. Someone in poor health may pay more for a plan if they are subject to medical underwriting to determine their rates. This can happen if you apply for a Medicare Supplement plan outside of your Medigap Open Enrollment Period, which is the 6-month period that starts when you’re at least 65 years old and have Medicare Part B.

    During your Medigap OEP, you have what’s called a guaranteed issue right. This means that an insurance company can’t use medical underwriting to determine your plan premium costs or to deny you coverage altogether based on your health history.

    Other times you might have a guaranteed issue right include if you move to an area that isn’t served by your plan or your plan’s insurance company, or if your insurance company stops offering your plan.
Bankers Fidelity Medicare Plan Enrollment

To be eligible for a Bankers Fidelity Medigap plan, you must meet the following requirements:

  1. You are enrolled in both Medicare Part A and Medicare Part B.

  2. You are at least 65 years old. (Not all states require insurance companies to offer  Medigap plans to Medicare beneficiaries under the age of 65.)

  3. The plan you wish to apply for is available where you live. 

As mentioned above, the best time to sign up for a Bankers Fidelity Medicare Supplement plan is during your Medigap Open Enrollment Period. This is a 6-month period that begins the month you are 65 years old and enrolled in Medicare Part B. 

The reason why this is the best time to enroll in Medigap is because you will have guaranteed issue rights for the duration of that time. That means insurance companies will not be allowed to use medical underwriting to charge you a higher premium based on your health. 

You may still enroll in a Medigap plan outside of this enrollment window but you may be subject to a medical exam and questioning that could affect the cost of your premiums.  

One way to learn more about Bankers Fidelity Medicare plans is to contact the company at 1-866-458-7504.

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