Bankers Life Medicare Supplement Plans Review

Bankers Life is a private insurance company that provides Medicare supplements for Medicare-eligible folks. To learn more about Medigap and different carriers, contact us at 800-208-4974.

Bankers Life Company Overview & History

Bankers Life (Not to be confused with Bankers Fidelity) is among the leading Medicare Supplement providers in the US. Targeting seniors who are near the age of retirement, Bankers Life offers its services to over a million people across the country. Bankers Life was founded in 1879, with a view to making insurance accessible to all.

Bankers Life was among the first companies to offer Medicare Insurance after President Johnson signed it into law in 1965. Over the years, the company has stuck to its mission and helps patients avoid paying out of pocket for ancillary costs related to their medical treatment.

Bankers Life Financial Stability and Rating

Bankers life has a steady record of financial stability. They currently have an A- (excellent) rating with A.M. Best. With this rating, it shows that they have stable access to capital and assets. They have also shown great customer service over the years and boast an A+ rating on the Better Business Bureau. This rating shows that Bankers Life has provided excellent client service and has performed above and beyond in order to satisfy stakeholders.

Bankers Life Medicare Supplement Benefits and Coverage

Bankers Life offers Medigap plans that help cover the cost of staying at the hospital or at a nursing home under Medicare Part A and Part B. Through a Bankers Life Medicare Supplement plan, you can offset the copayments and deductibles which you would otherwise have to pay out of pocket.

Bankers Life Medicare Supplement Plan F

The Bankers Life Medicare Supplement Plan F is the most popular of all their supplement plans. Under this plan, the deductible under Medicare Part A and Part B is covered 100%, and the costs associated with traveling, nursing care, and any excess treatments are also covered 100%.

Bankers Life Plan F covers much more, for instance, it also covers 80% of the costs associated with traveling overseas in case of a medical emergency. However, with recent changes in regulations, Plan F will be discontinued after 2020. A great alternative to Plan F is Plan G. With Plan G you get almost identical coverage, another advantage is that you’ll be paying a lower premium with Plan G.

Bankers Life Medicare Supplement Plan G

The Bankers Life Medicare Supplement Plan G offers the same coverage as Plan F, except for the fact that the deductible under Medicare Part B is not covered. This deductible is $226 for the year. Plan G is considered superior to Plan F, though most people still sign up for F first.

The plan starts at around $100 per month depending on your age, location, and whether or not you use tobacco products. Plan G is generally priced lower compared to Plan F.

Plan G is a great option for folks that want comprehensive coverage and can’t enroll in Plan F. You get the most value for your buck.

Bankers Life Medicare Supplement Plan N

Plan N starts from $70 and offers limited coverage compared to both Plan F and Plan G. Any excess, medical or non-medical expenses are not covered under this plan. However, it still offers 100% coverage for traveling and nursing care costs. Moreover, the Part A deductible is also covered by the plan.

Here are some coverage highlights of Bankers Life Plan N:

• Skilled nursing facility coinsurance
• First three pints of blood (with a Medicare-approved procedure)
• Part B coinsurance

The Part B deductible is $226 for the year. Similar to Plan G. The lower monthly premium for Plan N makes it an ideal option for people who don’t have to make frequent visits to the doctor.

Our Recommendation

Overall Bankers Life is a solid company. However, we do not recommend them for your Medicare Supplement insurance. Bankers Life is often very overpriced compared to other carriers. Bankers Life is often $100 more per month than a competitive carrier for the same exact coverage. In addition, Bankers Life tends to have a higher than average rate increase than other Medigap carriers.

Medigap plans are standardized, they are exactly the same no matter what company is offering them. For this reason, is important to compare the plans from all the carriers. You want to make sure you are not overpaying for your supplement insurance.

thumb

If you are researching Medigap insurance allow us to help. Contact us at (800) 208-4974 for a free rate comparison and consultation.