Medicare is a good program and pays a large portion of your health care expenses…but it doesn’t pay for them all.

Relying on Medicare alone to cover your health care expenses can leave you with additional expenses or large out-of-pocket costs.

What is Medicare Supplement Insurance?

Medicare Supplement Insurance (sometimes called Medigap) is a great way for Medicare beneficiaries to obtain coverage for co-pays and co-insurance fees incurred from hospital stays, skilled nursing facilities, home health care, ambulances, durable medical equipment, and doctors’ office fees.

Medicare Supplement Insurance provides coverage for costs that Original Medicare (parts A and B) does not cover, like medical care when you travel outside of the United States. If you have Original Medicare and purchase a Medicare Supplement Insurance policy, parts A and B will pay their share of the approved amount for covered health care costs. Your supplement insurance policy pays its portion of any excess charges based on the coverage provided by the plan you choose.

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.

Why Do You Need Medicare Supplement Insurance?

This type of coverage is meant to ‘fill in the gaps’ for what Original Medicare (Parts A and B) doesn’t cover, which is why it’s also referred to as Medigap. Medicare Supplement Insurance covers deductibles, co-insurance and co-payments that you would otherwise have to pay if you were only enrolled in Medicare parts A and B. Many plans also cover expenses that standard Medicare does not, like medical care when you travel outside of your home-state or even outside of the United States. Another benefit of Medicare Supplement Insurance is that it has no hospital or doctor restrictions, other than that they must accept Medicare insurance.

*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 or

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, 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.

Whole Life Insurance (Final Expense)

Did you know that 26% of people say that if a primary wage earner dies they’ll only be able to cover their expenses for a few months?*

Purchasing Whole Life insurance, also known as Final Expense insurance, is one of the most reassuring and responsible decisions you can make. Whole Life insurance policies are a good choice for those that are married, have children, or someone who has any other dependents who may be responsible for their final expenses.

Final expenses range from final medical bills, credit card bills, estate costs, funeral cemetery plot and headstone, legal fees, debts, probate, and miscellaneous bills that may remain upon your passing. With a whole life insurance policy, your coverage provides an accumulated cash value for emergencies and other financial needs.

This type of life insurance also has guaranteed level premiums that are fixed upon the age of issue. Whether you purchase your policy at age 23 or age 70, your premium will remain the same as the day you policy was issued. Premiums tend to be lower the younger you are when you purchase a policy.

*LIMRA International

Term Life Insurance

A Term Life Insurance policy can provide funds for immediate expenses and those required for your family to maintain a comfortable lifestyle after you are gone.  It can provide benefits to supplement your family’s finances in the following areas:

  • Lost Income
  • Credit Card Debt
  • Car Payments
  • College Education
  • Funeral Expenses
  • Mortgage Payments

Term insurance policies are guaranteed renewable by making premium payments in a timely manner during your term period. The common term periods offered for Term Life insurance are 10, 15, and 20 years. Many policies are able to be converted to Whole Life Insurance policies of the equal face amount to age 70.