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Medicare Supplement - Frequently Asked Questions
Why do I need Medicare Supplement Insurance?
Can I see my own doctor?
Which Medicare Supplement plan is best for me?
How can I find out more about Medicare Supplements and get quote?
Why can't I get a Medicare Supplement quote online?
I already have a Medicare supplement plan. Can I switch to one of your plans?
Can you drop my coverage?
Is there a waiting period?
Do you have flexible payment plans?
How do you handle Medicare Supplement claims?
Why do I need Medicare Supplement Insurance?
Medicare was never designed to completely cover all your medical costs. Unfortunately, the cost of
items not covered by Medicare has grown to the point where it's often more than an individual can afford
to pay out of pocket. Costs not covered by Medicare include the Part A deductible, hospital and medical care
coinsurance, and much more. A Medicare Supplement plan from Bankers can help with these costs, keeping down
your out-of-pocket expenses.
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Can I see my own doctor?
You're free to choose your doctors and your hospital. You don't even need a referral form to visit a specialist.
That's because our plans don't limit you to a certain list of doctors and hospitals. Those important decisions about
your health care are in your hands.
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Which Medicare Supplement plan is best for me?
It all depends on your needs...and there are plenty of choices! All insurance companies must offer plans that provide basic services. Some plans cover more services than others.
A Bankers agent can explain what's covered under each plan so you can select one that's right for you. Use our
Branch Office Locator to find the phone number of an agent near you, or have an agent contact you.
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How can I find out more about Medicare Supplements and get quote?
The fastest way to get a quote is to call your local branch office and speak to a Bankers agent. Your agent can provide
complete details and rates for all of our plans, plus answer any questions about service and claims.
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Why can't I get a Medicare Supplement quote online?
Medicare Supplement insurance addresses a serious need, and choosing a Medicare Supplement plan to help manage
health-care expenses is an important decision. At Bankers, we're committed to helping you understand your
options so you can select the plan that's best for you. That's why our insurance plans are available exclusively
through our extensive network of career agents who live in the communities they serve. To get quotes for our
Medicare Supplement plans, please call your local branch office and speak to a
Bankers agent, or have an agent contact you.
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I already have a Medicare supplement plan. Can I switch to one of your plans?
If you already have a Medicare Supplement plan that you wish to replace, you can apply for one of our plans.
So there will be no gap in your coverage, just be sure not to cancel your current policy until you've received a
new Medicare Supplement policy from us and have had a chance to review it. And remember, with a Bankers Medicare
Supplement plan there is no waiting period for pre-existing conditions.
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Can you drop my coverage?
Medicare Supplement insurance is guaranteed renewable for life. Once insured, no matter how your health changes
or how many claims you make, as long as you pay your premiums, you're the only one who can cancel your coverage.
However, the amount of the premium is not guaranteed. An insurance company may raise your premium as often as once
a year on a class basis. In addition, if you have an "attained-age policy," a company may raise your premium on your birthday.
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Is there a waiting period?
In most cases, an insurance company may impose a waiting period of up to six months before covering pre-existing medical
conditions. Bankers Medicare Supplement plans do not have a waiting period for pre-existing conditions. You're covered from
the day your application is approved, no matter which plan you select.
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Do you have flexible payment plans?
You can pay monthly or annually, and we offer several convenient payment options, including direct billing
and automatic withdrawals from your bank account.
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How do you handle Medicare Supplement claims?
At Bankers, over 90% of Medicare Supplement claims are processed by the Claims department within 5 days of receipt
and nearly 100% are processed within 10 days of receipt. And with Medicare Supplement plans, most health care
providers submit claims to us directly, so there's no paperwork for you to handle. If you do need to submit a claim,
all we will need is a copy of the Explanation of Benefits form you will receive from Medicare ("EOMB"), along with your
name and Bankers policy number.
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Not connected with or endorsed by the United States government or the federal Medicare program.
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