Bankers Life was first established in Chicago in the year 1879. They offer a variety of health insurance and retirement products to benefactress and operate as a subsidiary of the CNO Financial Group. They have over 1.4 million policyholders to date, which includes their supplement insurance services
- Founded in 1879 in Chicago, IL
- More than 5,000 agents working out of 275 offices nationwide
- Manages over $14.5 billion in assets as of 2012
- Paid out only $1.3 billion for 8.5 million claims in 2012
Bankers Life Medicare Plans
Bankers Life offers Medicare supplement insurance to seniors who want to alleviate worries about their medical expenses down the road. They offer 8 of the available 10 Medigap plans: A, B, F, G, K, L, M, and N. They may also offer Medicare Advantage and/or Medicare Part D plans in your area through a non-affiliated carrier. Ask your Bankers Life agent for details.
|Medicare Supplement Plans||YES|
|Medicare Advantage Plans||YES*|
|Medicare Part D Drug Plans||YES*|
*These coverages are offered through non-affiliated carriers
You’ll want to make sure you compare rates and quotes from several different companies before you settle for a Bankers Life policy. Below, you can get an idea of how they compare to their competitors based on national averages. The compiled data is displayed in the chart below.
This Table Represents National Average Costs of Medicare Supplement Plans
|Plan Type||Starting From||Part A Deductible||Part B Deductible||Excess||Nursing||Travel|
|Plan C||$118*||$0||$0||Not Covered||100% Covered||100% Covered|
|Plan F||$116*||$0||$0||100% Covered||100% Covered||100% Covered|
|Plan G||$105*||$0||$233||100% Covered||100% Covered||100% Covered|
|Plan B||$104*||$0||$233||Not Covered||Not Covered||Not Covered|
|Plan N||$70*||$0||$233||Not Covered||100% Covered||100% Covered|
|Plan D||$97*||$0||$233||Not Covered||100% Covered||100% Covered|
|Plan A||$69*||$1,556||$233||Not Covered||Not Covered||Not Covered|
|Plan L||$76*||$389||$233||Not Covered||75% Covered||Not Covered|
|Plan K||$45*||$778||$233||Not Covered||50% Covered||Not Covered|
|Plan M||$97*||$778||$233||Not Covered||100% Covered||100% Covered|
Financial Strength Ratings
Finding a company’s financial strength rating is an essential part of doing your homework in order to get the best deal on your Medicare supplement plan. Because Bankers Life is such a large and established institution, it has ratings from all three of the top rating agencies. Even though their overall ratings aren’t perfect, they are fairly good for such a large company.
|A.M. Best Rating||B++|
|Standard & Poor’s Rating||BBB+|
Bankers Life Review
Bankers life is an established insurance company with particular expertise in helping senior citizens with Medicare supplement insurance, as well as other financial retirement products. They have experienced some negative backlash from customers in the past over a reluctance to pay claims, but efforts have been made to resolve the issues and re-establish relationships with underserved customers.
How to Compare Bankers Life Medicare Plans
Customers looking to get a rate quote, or learn more about plans have 2 options: