Medicare Supplement Insurance

What is Medicare Supplement insurance?

Medicare Supplement insurance is sold by private companies. Sometimes called "Medigap," it can help you pay for out-of-pocket health care expenses that Medicare doesn't cover, such as deductibles, coinsurance, copayments, or outpatient services.

Benefits of Medicare Supplement insurance

Helps lower your out-of-pocket costs

Offers coverage that travels with you^†

Provides permanent coverage, even if you develop health problems

Allows you to keep your doctor and visit any hospital - no networks, no referrals needed.^‡

What are the four parts of Medicare and what do they offer?

Medicare Parts A and B are known as "Original Medicare." Parts C and D are voluntary coverages.

Medicare Part A
Hospital insurance

Covers inpatient hospital stays, care in a skilled nursing facility, hospice care and some home health care

Medicare Part B
Medical insurance

Covers certain doctors' services, outpatient care, medical supplies and preventive services

Medicare Part C
Medicare Advantage

Includes benefits equal to Parts A and B. Offers additional benefits that vary depending on the company and plan you choose

Medicare Part D
Prescription drug coverage

Covers many medications that are prescribed by your doctor or other qualified health professionals

Compare the features of Washington National's Medicare Supplement insurance plans*

To help you pay for out-of-pocket medical costs that Medicare may not cover, we offer Medicare Supplement insurance plans A, F, G, HG and N. We also offer Plan B in Pennsylvania and Plans C and D in New Jersey. Our knowledgeable agents/producers can help explain how each plan works and answer your questions related to Medicare or Medicare Supplement insurance.

Plan	PLAN C^2,6	PLAN D²	PLAN F⁶	PLAN G	PLAN HG³	PLAN N⁴
To help you pay for out-of-pocket medical costs that Medicare may not cover, we offer Medicare Supplement insurance plans A, B, C, D, F, G, HG & N.
Medicare Part B coinsurance
Blood (first 3 pints)
Parts A Hospice care coinsurance or copayment
Skilled nursing facility care coinsurance
Medicare Part A deductible
Medicare Part B deductible
Medicare Part B excess charges
Foreign travel emergency (up to plan limit)⁵	UP TO 80%	UP TO 80%	UP TO 80%	UP TO 80%	UP TO 80%	UP TO 80%

*These are standard Medicare Supplement insurance benefits.

¹ Plans subject to state availability. Plan B is offered only in the state of PA.

² Plans subject to state availability. Plan C and Plan D are only offered in the state of NJ.

³ Plans F and G also have a high deductible option which require first paying a calendar year deductible (amount adjusts annually). Once the plan deductible is met, the plan pays 100% of covered services for the rest of the calendar year. High deductible plan G does not cover the Medicare Part B deductible. However, high deductible plans F and G count your payment of the Medicare Part B deductible toward meeting the plan deductible.

⁴ Plan N requires a copayment of up to $20 for doctor’s visits and up to a $50 copayment for emergency room visits that do not result in an inpatient admission.

⁵ Covers foreign travel emergency care if it begins during the first 60 days of your trip and if Medicare doesn't otherwise cover the care. Includes a lifetime maximum benefit of $50,000 with a $250 calendar year deductible.

⁶ Plans C and F are only available to persons who are first eligible for Medicare before 1/1/2020.

How do I know if I'm eligible for Medicare Supplement insurance?

To buy a Medicare Supplement plan, you must be enrolled in Original Medicare Parts A & B. Legal residents must live in the U.S. for at least five years in a row, including the five years before applying for Medicare. You must live in the state where the policy is offered, and be age 65 or over or, in some states, under age 65 with a qualifying disability.

Call (888) 910-3133 or visit get a quote to learn what Medicare plan you may be eligible for.

Why Bankers Life?

Simplified application process

Our knowledgeable insurance agents/producers sit down with you in your home to understand your preferences and goals. They’ll provide you with simple, clear choices that meet your individual financial needs.

Personalized approach

With a history dating back to 1879, there are some things that never change. At Bankers Life, that means taking a personalized approach to helping the individuals and families we serve. As you enter and navigate retirement, we will be by your side every step of the way, helping to protect your financial security.

Service you can trust

Our agents/producers travel to your home or business. Our goal is to provide excellent service to every policyholder and make your life easier when it comes to your claims.

In 2022, Bankers Life paid Medicare Supplement insurance claims to over 202,000 policyholders, totaling $387 million. (Source: 2023, Bankers Life Corporate Profile.)

Bankers Life is accredited by the Better Business Bureau with an A+ rating as of March 2023, in addition to currently holding an A (Excellent) rating by A.M. Best Company for our financial strength.

A.M. Best “A” (Excellent): This rating is their assessment of our relative financial strength and ability to meet contractual obligations. This rating is the third highest of 16 ratings as of April 1 2022. For the latest Best’s Credit Rating, access www.ambest.com.

FAQs

What is Medicare?

Medicare is a federal health insurance program for people who are:

Age 65 and older.
Younger than 65 with disabilities.
Any age with end-stage renal disease (ESRD), a type of permanent kidney failure requiring dialysis or a kidney transplant.

Medicare has helped millions of Americans pay for the health care services they need. You’ve likely contributed to the program through the Social Security taxes deducted from your paycheck.

What does Medicare Part A cover?

Medicare Part A generally covers the following:

Hospital care
Skilled nursing facility care
Nursing home care when you need more then custodial care
Hospice care
Home health services

Even when Medicare pays the cost of a service or item, you generally have your own portion to pay, in the form of deductibles, coinsurance and copayments.

What does Medicare Part B cover?

Medicare Part B covers two types of services:

Medically necessary services are needed to diagnose or treat your medical condition and must meet accepted standards of medical practice.
Preventive services are intended to prevent illnesses like flu and detect serious conditions at an early stage, when treatment has the best chance of success.

Medicare Part B covers health care costs like:

Clinical trials
Ambulance services
Durable medical equipment
Mental health
Inpatient stays
Outpatient care
Getting a second opinion before surgery
Some outpatient prescription drugs

Even when Medicare covers a service or item, you generally have your own portion to pay, in the form of deductibles, coinsurance and copayments.

Is anything not covered by Medicare Parts A and Part B?

Medicare does not cover all items and services. Some of these are:

Long-term care
Custodial care
Most forms of dental care
Eye exams for prescribing glasses
Dentures
Cosmetic surgery
Acupuncture
Hearing aids and fitting exams
Routine foot care

Why should I purchase a Medicare Supplement insurance policy?

Medicare Supplement insurance offers a number of advantages:

You get help paying out-of-pocket medical expenses like copays and deductibles, which makes it easier to manage your health care budget.
Your Medicare Supplement coverage is valid everywhere in the U.S.
You can visit any specialists—with no referral needed—as long as the provider accepts Medicare patients.
You can choose any doctor or hospital that accepts Medicare patients.
You can choose from a variety of plan types to help meet your needs now and in the future.

When is the best time to buy Medicare Supplement insurance?

The best time to buy Medicare Supplement insurance is during your six-month Medigap open-enrollment period. During this time, you can buy any Medicare Supplement policy sold in your state, regardless of any pre-existing conditions. You will not be required to answer any medical questions during this time.

How do I apply for Medicare Supplement insurance?

Step one in obtaining Medicare Supplement insurance is completing an application. If you are not in your open-enrollment period or otherwise qualify for guarantee issue, you’ll need to answer some medical questions. Our underwriters will review your medical history to determine if your application is acceptable, and to identify your risk classification. Your premium amount will be determined in part by the amount of insurance coverage you request.

Medicare Supplement Insurance