Bankers Fidelity Medicare Supplement Plans

Bankers Fidelity, a subsidiary of Atlantic American Corporation, has been providing seniors and other customers in 46 states with a range of insurance products since 1955. The company has an A- rating from the rating agency A.M. Best, indicating that it is stable and able to meet its customers’ claims needs. Now lead by President McClure King, the company continues to operate out of Atlanta, Georgia.

Bankers Fidelity has been offering Medicare Supplement Insurance in about 39 states for over 30 years. Medicare Supplement Insurance is the brand’s only Medicare-related product; Medicare Advantage and Medicare Part D (drug coverage) are not offered by Bankers Fidelity.

The Basics of Bankers Fidelity Medicare Supplement Insurance

A Medicare Supplement plan (also called Medigap) from Bankers Fidelity is a specific form of health insurance for seniors that’s designed to be a “second payer” plan. With these plans, Medicare is the first payer, covering roughly 80% or less of the patient’s bills (aside from Medicare deductibles). After Medicare is done paying medical providers for its predetermined amount of coverage, then the second payer, the Medicare Supplement plan, steps up to cover other fees.

The patient may still end up with some copays or deductibles, depending on the plan, but those fees will be fewer than they otherwise would be. By paying a regular premium for a plan that reduces out-of-pocket Medicare fees, Medicare patients can make their medical costs much more predictable and easier to budget for. 

Medicare Supplement plans like the ones provided by Bankers Fidelity are not in any way funded or managed by Medicare itself. However, Medicare makes rules that govern these plans, protecting patients’ best interests. The failures of coverage that plague other kinds of health plans are largely absent from Medicare Supplement plans due to their high level of standardization.

Thanks to the rules in place, coverage for the same plan type is the same no matter what company you buy it from. Pricing is the only really significant variable, though some companies also choose to include extra coverage such as vision or dental. Bankers Fidelity does not add these extra benefits to its plans.

There are some limitations of Medicare Supplement plans to keep in mind, including:

• Coverage: Coverage for prescription drugs, dental care, hearing aids, and vision care is not part of these plans. Separate coverage can be purchased either from another company or from this company. 
• Timing: The time you sign up matters. Signing up “late” (after your first six months of eligibility in most cases) could mean that you’ll permanently be charged higher-than-average fees for your premiums. 
• Eligibility: Having Medicare Advantage or not having Original Medicare disqualifies you from joining a Medicare Supplement plan. These plans only serve the specific purpose of reducing the costs of Original Medicare.

Overview of Bankers Fidelity Medicare Supplement Plans

As mentioned above, all Medicare Supplement plans are regulated by Medicare. This means that companies are only allowed to offer pre-approved plans, and the coverage is the same regardless of the company. In most states, the plans are designated by one of 10 different letters (A, B, C, D, F, G, K, L, M, N). Some plans can also be offered in “high-deductible” versions that have limited coverage before deductibles are met. Bankers Fidelity offers different plans in different states. It’s most commonly available plans — A, B, G, K, and N — are detailed in the table below.

Note that plans F and C may also be offered in some areas but are not included in the table because only some seniors can purchase them. Plans C and F are being phased out of the Medicare market, so they are now only offered to seniors who were eligible for Medicare prior to 2020. This article on the official Medicare website can provide more information on C and F if you’re eligible for and interested in those plans.

*Some doctors accept Medicare funds as “payment-in-full,” others don’t. If they don’t, you could receive excess charges. Doctors who “take assignment” won’t use excess charges.
**Plan N’s Part B copay/coinsurance coverage excludes some minor copays for office visits and emergency visits. Copays may be around $20-$50.

Exceptions to Plan Availability Based on Location

The state you live in can have a huge impact on your ability to buy a Medicare Supplement plan from Bankers Fidelity. Although the company offers many plans, in some states it may only offer two. Moreover, it does not currently offer any plans in the following states:

• Alaska
• Florida
• Hawaii
• Maine
• Massachusetts
• Minnesota
• New Hampshire
• Oregon
• Rhode Island
• Washington
• Wisconsin

If the company adds plans in any of these states in the future, note that its plans in Wisconsin, Massachusetts, and Minnesota will abide by different rules in accordance with local laws.

The Cost of Bankers Fidelity Medicare Supplement Plans

To discover the costs of Bankers Fidelity plans in your area, you must click the green “get a quote” button online, select your state, and enter your contact information. After doing this, you’ll receive a quote online and will also soon be contacted by an agent. 

Ultimately, the quote you get will depend on a number of factors, including the following: how old you are when you sign up, the cost of living in your area, your gender (in some states), whether you qualify for a discount, and which plan (A, B, G, etc.) you select. When you shop, it’s important to keep in mind that the premium you’ll owe Bankers Fidelity will be in addition to the regular premium(s) that you pay for Medicare Part B and Part A. 

Bankers Fidelity is often considered a low-cost option for Medicare Supplement plans. However, the company’s quote tool makes it difficult to determine prices across a wide range of areas. With other companies, low coverage plans can start around $40 per month and high coverage plans can exceed $250 per month. Bankers Fidelity costs likely fall somewhere in the middle, with costs varying depending on the plan.

Unique Benefits and Drawbacks of Bankers Fidelity Medicare Supplement Insurance

Benefits of Bankers Fidelity Medicare Supplements

• Costs: Anecdotally, Bankers Fidelity costs are often said to be lower than the costs of other popular, larger companies. Low costs are mentioned frequently in positive reviews from customers as well as from insurance agents, and this company stresses its affordability in its sales materials. Of course, you’ll need to compare several companies in your state/county before you know for sure which company has the best price for you.
• Discounts: If a couple applies for Medigap policies at the same time, they can get a household discount. In many states, this discount will be 5% off of the premium. Always ask your agent about this discount since it can vary. Note that this kind of insurance policy never applies to two people; each member of the couple must get their own policy.

Drawbacks of Bankers Fidelity Medicare Supplements

• Quotes Process: You can get an online quote from Bankers Fidelity, but not without handing over your contact information. Many shoppers like to use online quote tools as a way to collect information on prices in a low-pressure environment. Handing over your contact information to a company means that you’ll soon be contacted by an agent. While working with an agent is often a great experience, not everyone is comfortable giving their phone number out right away.  
• Limited Availability: While this can be a great company for many, it’s not available in all states.
• Vague Details:  Bankers Fidelity offers some instructional materials online that explain what Medigap is. However, these materials are largely surface-level. The company does not provide detailed coverage charts or product manuals. Speaking with a knowledgeable agent will likely help you much more than browsing the website.

Customer Reviews of Bankers Fidelity Medicare Supplement Plans

Reviews of Bankers Fidelity Medicare Supplement plans are readily available on the company’s Google profile. On Google, Bankers Fidelity has a great average rating of 4.2/5 stars with 75 reviews. Reviews are also plentiful on Facebook, though they are slightly less positive overall with an average rating of 3.7/5 stars. This company currently has little to no presence on the review websites Trustpilot and the Better Business Bureau (BBB).

Positive Reviews from Bankers Fidelity Customers

Many positive reviews on Google have good things to say about Bankers Fidelity’s customer service. One Google reviewer calls the person with whom she spoke on the phone “100% genuinely kind and willing to help.” She goes on to write that she was “very appreciative that he went over so many Medicare holes and benefits on his own time. Super attentive guy. Rare find.” Other reviewers bring up similar positive experiences, with one reviewer going so far as to call the process of signing up “flawless.” Affordability and prompt claims payments are also mentioned by some reviewers.

Negative Reviews from Bankers Fidelity Customers

Overall, Bankers Fidelity appears to have fewer negative reviews than is typical for insurance companies. Reviews that are negative often mention the company’s disability or cancer insurance. Few negative reviews specifically mention Medigap plans. Some repeated complaints include unresponsive customer service, rising premiums, and difficulty with canceling policies. One reviewer on Google reviews writes that “they don’t respond to emails nor do they have the decency to return phone calls. They just keep sending more forms.” Some customers also complain that benefits can be difficult to understand.

We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.