Knowledge Center

Medicare Supplement Insurance

No matter what stage of life you are in, health insurance is a must. You can get sick, accidents happen, something unexpected arises and you end up in the hospital. The need for health insurance never goes away. Medicare is there to cover your healthcare needs. Or is it?

What is Medicare Supplement Insurance?

Original Medicare has a number of coverage limitations that may leave you unprotected and having to pay medical bills not covered by your policy. A Medicare Supplement insurance plan offers coverage to help account for some of those expenses. Medicare Supplement insurance is not a stand-alone policy, designed to take the place of regular health insurance. Instead, it is an additional policy one must apply for to supplement Medicare Part A and Medicare Part B. A Medicare Supplement insurance policy helps cover costs that Medicare doesn't, including co-pays, deductibles and coinsurance.

Medicare Supplement insurance plans, also known as Medigap policies or Med Supp plans, are only available through private insurance companies. Although all Medicare Supplement insurance plans are standardized across the United States, availability, coverage levels, and premiums vary from state to state and company to company. With 10 different Medicare Supplement insurance plans available, you want to be certain you choose the right plan for your needs.

If you’re eligible for Medicare you should consider having a Medicare Supplement insurance policy. When choosing the right plan for you, keep in mind that Medicare Supplement insurance plans are individual plans, covering only one person. Also, plans do not cover items such as hearing aids, glasses, prescriptions and private-duty nurses. They do not cover vision or dental either.

NOTE: If you have Medicare Advantage or Medicare Advantage Plus, you cannot purchase a Medicare Supplement policy because these plans already offer similar kinds of coverage.

Who Benefits from Medicare Supplement Insurance?

Medicare Supplement insurance is designed for those who have:

  • Medicare Part A and Part B
  • Qualified by age or disability. Medicare Supplement insurance policies are for individuals 65 and older or under 65 with disabilities, and people of any age with End-Stage Renal Disease (ESRD) - permanent kidney failure requiring dialysis or a kidney transplant

Check with your state's insurance department to determine your eligibility for Medicare Supplement insurance.

Benefits of Medicare Supplement Insurance Plans:

A Medicare Supplement insurance plan can help pay for:

  • Hospitalization costs
  • Co-payments for Medicare Part B
  • Blood transfusions
  • Medicare part A hospice care, coinsurance and co-payments
  • Skilled nursing facility care
  • Excess charges for out-of-network care
  • Foreign travel emergency: Original Medicare coverage is only good within the U.S. and its territories. If you travel outside of the country, you may want to pick a Medicare Supplement insurance policy with foreign travel emergency coverage.

If you haven't picked the Medicare Supplement insurance policy that works best for you, your lifestyle, and your budget, you could end up facing overwhelming expenses that Medicare doesn’t cover. Avoid being robbed of your golden years by mounting medical bills. Let Bankers Fidelity’s Medicare Supplement insurance plans help take care of your medical expenses.

Enrollment Eligibility

Your Medicare initial open enrollment period is the seven month period during which you become eligible for Medicare. It begins three months before your 65th birthday, includes your birthday month, and the three months following your birthday month.

Before you are eligible for Medicare Supplemental insurance, you must be enrolled in Medicare Part A and Part B. One strong benefit of a Medicare Supplement Insurance policy is that it is guaranteed renewable even if you have health problems as long as you pay your premium in a timely manner. People who have a Medicare Advantage plan are not eligible for Medicare Supplement insurance. Those on Medicaid are generally ineligible as well.

The best time to shop for a Medicare Supplement insurance is the six month period starting the first month that you’re covered under Medicare Part B and you’re 65 or older. During this time, you have the guaranteed right to buy a Medicare Supplement plan that’s sold in your state, despite any pre-existing health conditions. Some states may have additional open enrollment rights under state law.

*This information provides a brief overview of Part A and Part B of Medicare. For complete information about Medicare and a full explanation of Medicare benefits, consult Medicare and You and Welcome to Medicare, published by Centers for Medicare and Medicaid Services or visit their websites at www.ms.hhs.gov or www.medicare.gov.

Neither Bankers Fidelity Life Insurance Company® nor its Medicare Supplement policies are affiliated with or endorsed by the U.S. Government, the federal Medicare program, or the Centers for Medicare and Medicaid Services. This is a solicitation of Medicare Supplement insurance and an independent agent may call on you.
The Medicare Supplement products issued by the Company are insurance policies. Policy form series B 21092 is issued by Bankers Fidelity Life Insurance Company®, Atlanta, GA; policy form series B 21492 is issued by Bankers Fidelity Assurance Company™, Atlanta, GA. Limitations and exclusions apply; actual policy provisions control. Rates subject to change on a class basis. Individually underwritten; application to determine eligibility required.
Products not sold in AK, CA, CT, FL, MA, ME, MN, NE, NH, NY, OR, RI, VT, WA or WI. Plan availability can vary by state.


Short-Term Care

Should you require a brief stay in a nursing facility, Short-Term Care coverage helps provide comfort from the depletion of your finances. A Short-Term Care policy allows you time to make critical financial arrangements if long-term nursing home care becomes necessary. By providing up to 360 days of nursing home benefits per confinement, Short-Term Care will cover the majority of all nursing home stays at a price that is much more affordable than long-term care insurance.

Short-Term Care benefits are paid when you are unable to:

  1. Perform any two of the five Activities of Daily Living:
    • Dressing
    • Toileting
    • Transferring
    • Continence
    • Eating
  2. Your nursing home stay is medically necessary as determined by your physician

Medicare covers nursing facility costs for the first 20 days, and up to $148 in 2013 (subject to change) per day for days 21-100. You are responsible for all charges after 100 days under Original Medicare. A Short-Term Care policy could make up the difference for what Medicare doesn’t cover during days 21-100 and all other charges after 100 days.

Short-Term Care policies are guaranteed renewable as long as your premiums are paid on time, either in advance or during the grace period.


Hospital Indemnity Insurance

Hospitalization may be planned or catch you by surprise. Whichever way the scenario plays out doesn’t change the simple fact that a hospital stay can be expensive. Making sure you have the coverage you need to help pay for hospitalization expenses protects you and your family financially.

What is Hospital Indemnity Insurance?

Hospital Indemnity insurance, also referred to as hospital confinement insurance, is a supplemental insurance that helps cover out-of-pocket expenses due to a hospital stay from an illness or injury. When a stay at the hospital is necessary, the end result can often be a large bill. The average hospital confinement can quickly escalate to cost over $10,0001 per day, which can put financial strain on even the healthiest budget.

Hospital Indemnity insurance does not replace major medical health insurance but, rather, works alongside it as a supplemental insurance. Unlike major medical insurance, hospital indemnity insurance does not cover the cost of prescriptions or regular doctor’s visits. Depending on the insurance company and the benefits selected, benefit eligibility begins with admittance to a hospital.

Hospital Indemnity Insurance Can Help In Many Situations

Although all major medical plans can have some form of hospitalization coverage, a patient may be left covering portions of the costs associated with a hospital stay. A Hospital Indemnity policy can help cover the costs of these—and other—financially straining situations and circumstances. Examples may include, but are not limited to, the following*:

  • Sudden injury. A sudden injury may require a visit to the hospital for diagnosis and treatment, and sometimes rehabilitation is necessary to complete the healing process. Some medical plans have significant deductibles or large out-of-pocket maximums, which means a Hospital Indemnity policy can help you with those unforeseen costs.
  • Ambulance ride and emergency room services. When emergency services are necessary, you don’t want to delay in getting the help you need simply because you are worried about the cost. With Hospital Indemnity insurance, if you are admitted to the hospital, your policy can help pay for these emergency services.
  • Extended illness. Heart disease, cancer and other illnesses that put you in the hospital for long periods of time for treatment are stressful enough without having to worry about how you are going to pay the bill. A Hospital Indemnity insurance policy can help cover your hospital stay due to illness.
  • Out-of-network facility and doctor. When your health is on the line, having the freedom to choose who is going to treat you and where you are having the treatments performed is important to your recovery. Some facilities or doctors may be excluded from your insurance network, and the benefits from a Hospital Indemnity policy can help put the control back into your hands.

*Options and coverage will vary based on the insurance company and the policy issued. Check the Outline of Coverage and/or the policy to see what options are available and what costs are covered.

Hospitalization should not break you. It should help heal you. With the benefits from a hospital confinement policy covering some of these expenses, you can focus on healing. Bankers Fidelity’s Vantage Flex 65® is Hospital Indemnity coverage that helps pay for out-of-pocket expenses associated with a hospital stay.

Bankers Fidelity Life Insurance Company® is not affiliated with or endorsed by the U.S. Government, the federal Medicare program, or the Centers for Medicare and Medicaid Services. This is a solicitation of insurance and an independent agent may call on you. A Hospital Indemnity Policy † is not Medicare Supplement insurance nor is it a substitute for Medicare Supplement insurance. If you are eligible for Medicare, please read the Guide to Health Insurance for People with Medicare available from the Company. Hospital Indemnity Policy † form series B 21602 is underwritten by Bankers Fidelity Life Insurance Company®. Limitations and exclusions apply; actual policy provisions control. Rates subject to change on a class basis. Application to determine eligibility required. Product availability and benefits can vary by state. THIS IS A LIMITED BENEFIT POLICY.
†Individual Hospital Indemnity Policy for residents of Georgia, Limited Benefit Supplemental Health Insurance for residents of Missouri, Individual Supplemental Indemnity Policy for residents of Colorado.
For Missouri residents only: The form number for the Policy is B 21602(rev16) MO
For Pennsylvania residents only: The form number for the Policy is B 21602 PA, Optional Riders B 21602 R1 PA, B 21602 R2 PA, B 21602 R3 PA, B 21602 R4 PA, B 21602 R5 PA, B 21602 R6 PA, B 21602 R7 PA, B 21602 R8 PA, B 21602 R9 PA
Products not sold in AK, CA, CT, ID, MA, ME, MN, NH, NY, OR, RI, VT, WA or WI. Plan availability can vary by state.


Final Expense Life Insurance

Death is a reality that no one likes to think about—planning for your own end-of-life expenses may seem rather morbid. However, if you don’t do the planning, those whom you love most will likely have to do it while trying to grieve. Accumulated medical bills and the expenses of end-of-life care can overwhelm those who are mourning. With final expense insurance, you can help alleviate many of these pressures, putting your family or friends in a better place.

What is Final Expense Insurance?

Final expense is a type of life insurance designed to help cover end-of-life expenses, including, but not limited to, medical bills, credit card debt, and funeral expenses. Often confused with burial expense insurance or funeral insurance, final expense insurance is different in that benefits are paid to someone you trust to take care of your affairs, instead of directly to the funeral home. Final expense life insurance ensures your loved ones can use the money to help cover some of the cost of bills as well as burial or cremation.

Final expense life insurance is for people who want to prepare for the inevitable as well as their loved ones’ futures. Planning ahead of time not only benefits you, but it helps your loved ones avoid taking on debt or stressing financially to cover the costs associated with end-of-life matters.

Benefits of Final Expense Life Insurance Coverage:

  • Benefits are paid out in a lump sum to your beneficiary
  • Allows for flexibility in burial service selections; unlike a prepaid funeral which locks your family into already specified arrangements
  • Comes in a variety of amounts, but generally has limits up to $35,000* in coverage; keeping premiums affordable
  • Coverage remains in effect until your death, as long as the premiums are paid on time

*Amounts vary depending on insurance company.

Final expense insurance is just one option for life insurance. Others include:

  • Whole life insurance. Provides coverage and cash value accumulation for life, as long as premiums are paid on time. Options include higher coverage limits, making it possible for you to leave a legacy behind and provide for your beneficiary as you wish.
  • Term life insurance. Premiums are typically lower than whole life, coverage does not typically include cash value accumulation and the policy provides a guaranteed death benefit during a specific time frame. A term life policy can generally be converted to a Whole Life policy.

Your loved ones’ grief will be hard enough to handle without having to make financial sacrifices for your end-of-life expenses. Bankers Fidelity® Final Expense Life Insurance can give you peace of mind, knowing you have taken a step to ensure their sadness will not be accompanies by a financial burden.


Cancer Insurance

What is Cancer Insurance?

Cancer insurance focuses specifically on costs associated with the diagnosis and treatment of cancer. A cancer insurance policy provides supplemental limited coverage and is not intended to cover all medical expenses. It’s an additional safety net designed to help provide the policyholder with certain benefits after a cancer diagnosis. It helps take care of both medical and non-medical costs regardless of the individual’s major medical insurance. This supplemental insurance policy pays benefits directly to the policyholder upon the diagnosis of cancer; and benefit ranges depend on the plan and insurer the policyholder has selected. The benefits selected often determine the costs.

Each cancer insurance plan is unique – just like the needs of the individual – and benefits are only paid upon the diagnosis of cancer.

Benefits of Cancer Insurance:

  • Benefits are paid directly to the policyholder in a lump sum.
  • Benefit payout can be used to cover out-of-pocket medical expenses, lost wages due to cancer and cancer treatments, costs from traveling to and from treatment facilities and other non-medical, cancer-related expenses.

Cancer insurance is a viable option for most; limited only by an individual’s eligibility. Factors that can affect eligibility for coverage are:

  • Pre-existing conditions*
  • Age thresholds*
  • Previous cancer diagnosis*

*Varies by policies and insurers.

Cancer Insurance May Help In Many Situations

A cancer diagnosis usually comes with costs that add up quickly, putting many cancer patients in a financial bind. There are certain financial burdens major medical insurance may not cover fully, or at all. Examples can include:

  • Alternative treatments
  • Access to out-of-network treatment facilities
  • Prescription drug coverage
  • Unpaid time off from employment
  • Travel and lodging expenses
  • In-home care needs

Bankers Fidelity® understands that the fight against cancer is hard enough without worrying about the additional financial strains that often accompany a tough diagnosis. Cancer insurance can help provide peace of mind by helping to alleviate the financial burden from cancer treatments.

Bankers Fidelity’s Vantage Care™ policy can help cover some of the expenses resulting from a cancer diagnosis.

This is a solicitation of insurance and an independent agent may call on you. Lump Sum Cancer Insurance Policy form series B 21904 underwritten by Bankers Fidelity Life Insurance Company®. Limitations and exclusions apply; actual policy provisions control. Rates subject to change on a class basis. Benefits are not payable for any Cancer or other condition diagnosed within the first 30 days after the effective date of the policy. Refer to Outline of Coverage B 21904 OC for additional product details. Application to determine eligibility required. Product availability and benefits can vary by state. THE POLICY PROVIDES SUPPLEMENTAL LIMITED COVERAGE FOR SPECIFIED DISEASES ONLY AND IS NOT A SUBSTITUTE FOR COMPREHENSIVE HEALTH OR MAJOR MEDICAL INSURANCE, NOR IS IT INTENDED TO COVER ALL MEDICAL EXPENSES.