Bankers Life Medicare Supplement Plan Review in Florida

Choosing the right Medicare Supplement (Medigap) plan is important for managing healthcare costs, but not all providers offer the same value.

While some companies have built strong reputations in the Medigap space, Bankers Life has struggled to gain consumer trust. Originally focused on life insurance, Bankers Life is not a major player in the Medigap market and is mostly known for aggressive direct-to-consumer sales tactics rather than competitive pricing or customer support.

Unlike top Medigap providers such as Florida Blue, Mutual of Omaha, and Aetna, Bankers Life’s plans often come with significantly higher premiums - without offering any additional benefits.

With limited plan availability, no Medicare Advantage options, and a history of high-pressure marketing, Bankers Life raises concerns about long-term affordability and service quality.

In the sections ahead, we’ll break down:

• Bankers Life's Florida Medigap plans
• Premium comparison to Florida Blue
• Pros and cons of Bankers Life
• Better Medigap options for Florida Medicare beneficiaries
• Why Florida Blue is our #1 pick

Let's start with Bankers Life's Medigap plan offerings.

Bankers Life Medicare Supplement Plans in Florida

Bankers Life offers a range of Medicare Supplement (Medigap) plans, but their selection has significant gaps compared to major competitors.

They do not consistently offer Plan G, which is the most popular plan among new Medicare enrollees.

Their consistent offerings include:

• Plan A
• Plan G
• Plan F (only for those eligible before 2020)
• High Deductible Plan G (HD-G)
• Plan N

The most relevant plans for Medicare beneficiaries today are Plan G, Plan N, and High Deductible Plan G (HD-G).

Here’s a detailed look at each, including a chart to help compare their coverage and suitability.

Bankers Life Medicare Supplement Plan G

Plan G is one of the most comprehensive Medigap options available for new Medicare beneficiaries. It provides full coverage of Medicare-approved costs, except for the Medicare Part B deductible.

Plan G Covers:

• 100% of Medicare Part A hospital costs, including an additional 365 days of hospitalization after Medicare benefits are used up.
• Medicare Part B coinsurance, which covers 20% of outpatient care costs.
• Skilled nursing facility coinsurance
• Medicare Part A deductible, which is $1,676 in 2025.
• Medicare Part B excess charges, which protects enrollees from extra fees charged by doctors who do not accept Medicare's standard rates.
• Foreign travel emergency coverage up to 80% of costs (with limits).

Plan G Does Not Cover:

• The Medicare Part B deductible ($257 in 2025).
• Non-Medicare-covered services such as dental, vision, hearing, and long-term care.

Who Should Choose Plan G?

Individuals who want maximum coverage with minimal out-of-pocket costs.

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Those who frequently visit doctors or specialists and want predictable expenses.

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People who want protection against excess charges from physicians who bill beyond Medicare’s standard rates.

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Bankers Life Medicare Supplement Plan N

Plan N offers a lower-cost alternative to Plan G, with similar benefits but some cost-sharing features. It has small copayments for doctor visits and emergency room visits.

Plan N Covers:

• 100% of Medicare Part A hospital costs, including 365 extra hospital days.
• Medicare Part B coinsurance, with copays of up to $20 for office visits and $50 for ER visits.
• Skilled nursing facility coinsurance.
• Medicare Part A deductible.
• Foreign travel emergency coverage (80%).

Plan N Does Not Cover:

• Medicare Part B deductible ($257 in 2025).
• Medicare Part B excess charges, meaning you could pay more if you visit doctors who bill higher than Medicare’s rates.

Who Should Choose Plan N?

Those who want lower premiums and don’t mind paying small copays.

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Individuals who rarely visit the doctor.

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People who only see Medicare-assigned doctors, since Plan N does not cover excess charges.

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Bankers Life High Deductible Plan G (HD-G)

High Deductible Plan G (HD-G) functions just like standard Plan G, but requires enrollees to pay a high deductible ($2,870 in 2025) before benefits begin.

Once this deductible is met, it covers all Medicare-approved costs.

HD-G Covers:

• 100% of Medicare Part A hospital costs after the deductible is met.
• 100% of Part B coinsurance after meeting the deductible.
• Skilled Nursing Facility coinsurance.
• Medicare Part A deductible.
• Medicare Part B excess charges.
• Foreign travel emergency (80%).

HD-G Does Not Cover:

• Medicare Part B deductible ($257 in 2025) - but payments toward it count toward the total HD-G deductible.
• Any benefits until the $2,870 deductible is met.

Who Should Choose HD-G?

Individuals who are in good health and rarely use healthcare services.

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Those who can afford a high out-of-pocket deductible in exchange for lower premiums.

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People who want a safety net for catastrophic medical expenses.

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Comparing Plan G, Plan N, and High Deductible Plan G (HD-G)

Bankers Life Medigap Premiums in Florida:

Bnakers Life’s Medigap premiums in Florida are significantly higher than those of competitors like Florida Blue, Mutual of Omaha, and Aetna.

While all Medigap plans provide the same standardized benefits, Bankers Life charges substantially more without offering any extra advantages.

Premium Comparison: Bankers Life vs. Competitors

The table below shows a side-by-side comparison of Bankers Life's pricing vs. competitor rates for popular Medigap plans.

Premium Summary:

When comparing Medigap plan premiums between Bankers Life and its competitors, it's clear that Bankers Life tends to have higher premiums for both Plan G and Plan N across all age groups.

For example, the annual premium for Plan G is about $477 more at age 65 and $571 more at age 70 when compared to competitors.

Similarly, Plan N shows a premium difference of $432 more annually for a 65-year-old and $532 more at age 70.

Bankers Life does not offer additional benefits or coverage enhancements that justify the premium differences, making their plans less cost-effective when compared to competitors.

For individuals looking to save money while still receiving comprehensive coverage, it may be worth considering the more competitively priced options available elsewhere.

Pros and Cons of Bankers Life Medicare Supplement Plans

While Bankers Life has been in business for decades, its Medigap plans come with significant downsides compared to competitors.

Below is a clear breakdown of the pros and cons of choosing Bnakers Life for a Medigap policy.

Pros of Bankers Life Medicare Supplement Plans

• Established Company – Bankers Life has been offering Medicare Supplement since 1965 and has a long history in the insurance industry. However, its expertise is primarily in life insurance, not Medicare Supplement.
• Guaranteed Renewable Policies – As with all Medigap plans, policies cannot be canceled due to health reasons as long as premiums are paid.
• Nationwide Coverage – Bankers Life Medigap policies allow enrollees to see any doctor or hospital that accepts Medicare, with no network restrictions.

Cons of Bankers Life Medicare Supplement Plans

• Very High Premiums – Compared to major Medigap providers like Florida Blue, Mutual of Omaha, and Aetna, Bankers Life charges significantly more for the same standardized coverage. Premiums increase as policyholders age, often making them one of the most expensive options over time.
• Aggressive Sales Tactics – Unlike most reputable Medigap providers, Bankers Life sells policies directly to consumers rather than through independent agents. This means policyholders do not receive unbiased guidance, and many report experiencing high-pressure sales tactics via direct mail and cold calls.
• No Medicare Advantage Option – Bankers Life exclusively offers Medigap policies, meaning there are no Medicare Advantage plans available. While Medigap is often the best choice for many, some prefer the option of a Medicare Advantage plan with additional benefits like dental, vision, and prescription drug coverage—which Bankers Life does not provide.
• Uncertain Financial Stability in the Medigap Market – While Bankers Life is a well-known company, it is a relatively new player in the Medicare Supplement space. Unlike established Medigap providers with decades of experience in the Medicare market, Bankers Life has a limited track record of rate stability and customer service for Medigap policyholders.

A Better Alternative: Florida Blue

Florida Blue is one of the most trusted and well-established Medicare Supplement providers in Florida. With competitive pricing, strong financial stability, and a reputation for customer service, it stands out as a far better option than Bankers Life.

Key Advantages of Florida Blue:

• More Competitive Premiums – Florida Blue’s rates are consistently lower than Bnakers Life for the same standardized coverage.
• Financial Stability – With decades of experience in Florida’s Medigap market, Florida Blue offers long-term rate stability and a large policyholder base.
• No High-Pressure Sales Tactics – Unlike Bankers Life, which sells policies direct-to-consumer using aggressive marketing, Florida Blue works with independent licensed agents to ensure seniors get unbiased advice.

Florida Blue Medicare Supplement Plans Available

Florida Blue offers the following Medigap plans in Florida:

• Plan A – A basic plan with limited coverage.
• Plan G – The most popular and comprehensive plan available to new Medicare enrollees.
• Plan F – Only available to those who were eligible for Medicare before 2020.
• Plan N – A cost-effective plan with lower premiums but requires small copays for doctor and ER visits.

Unlike Bnakers Life, Florida Blue consistently offers Plan G, ensuring that Medicare beneficiaries have access to the most comprehensive coverage option available today.

Florida Blue Medigap Premiums in Florida

As you can see below, Florida Blue provides lower and more stable pricing compared to Bankers Life:

Premium Analysis

• Plan G with Florida Blue is over $470 cheaper per year than Bankers Life at age 65. The savings increase with age due to Bankers Life’s rapid premium hikes.
• Plan N with Florida Blue costs $432 less annually than Bankers Life at age 65.
• High Deductible Plan G (HD-G) with Florida Blue is $400+ cheaper per year than Bankers Life.

These savings can add up to thousands of dollars over a decade, making Florida Blue the clear financial choice.

Pros of Florida Blue Medicare Supplement Plans

• More Affordable Premiums – Compared to Bankers Life, Florida Blue offers consistently lower Medigap premiums for the same standardized coverage. Policyholders can save hundreds per year, making it one of the best-value options in Florida.
• Larger Market Presence – Florida Blue has a well-established reputation in the state, with a large number of policyholders. This helps maintain rate stability and ensures access to quality service.
• Better Customer Support – Unlike Bankers Life, which sells policies directly to consumers (often with aggressive marketing), Florida Blue works through knowledgeable independent agents who provide personalized guidance. This ensures seniors get the right plan for their needs rather than being pressured into a purchase.
• More Competitive Plan Options – Florida Blue offers a better selection of plans, including Plan G, which is the most comprehensive option for new Medicare beneficiaries. Bankers Life does not consistently offer Plan G in all states, limiting choices for seniors.

Cons of Florida Blue Medicare Supplement Plans

• Some Underwriting Requirements – If a beneficiary applies for a Florida Blue Medigap plan outside of their Medicare Supplement Open Enrollment Period, they may have to go through health underwriting. This means that coverage is not guaranteed unless the applicant qualifies under Guaranteed Issue Rights.

Why We Love Florida Blue

#1. Lower, More Stable Premiums: Florida Blue has a larger policyholder base, which helps keep rate increases moderate and predictable. Bamnkers Life, in contrast, has a history of substantial premium hikes, leading to higher costs over time.

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#2. Better Plan Availability: Florida Blue offers Plan G consistently, ensuring new enrollees have access to the most comprehensive coverage. Bankers Life does not always offer Plan G, which limits consumer choice.

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#3. No High-Pressure Sales Tactics: Florida Blue works with independent agents who provide objective guidance. Bankers Life sells directly to consumers, using aggressive marketing and mail campaigns.

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#4. Strong Customer Service and Financial Stability: Florida Blue is a well-established company with decades of experience in Florida’s Medicare Supplement market. Bankers Life has a weaker history in Medigap insurance, making its long-term rate stability uncertain.

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Bottom Line: Florida Blue vs. Bankers Life – Which Medigap Provider Is the Right Choice for You?

Choosing the right Medicare Supplement (Medigap) plan is about more than just picking a familiar name—it’s about making sure you get the best coverage at the best price, with strong customer support and long-term stability.

Throughout this page, we’ve broken down the major differences between Bankers Life and Florida Blue, comparing plan options, pricing, customer experience, and overall value. The conclusion is clear: Florida Blue is the superior choice for most Medicare beneficiaries in Florida.

Bankers Life’s biggest drawback is its high premiums. Despite offering the same standardized Medigap benefits as competitors like Florida Blue, Mutual of Omaha, and Aetna, Bankers Life charges significantly more—sometimes hundreds of dollars more per year—without offering any additional perks.

Worse, their direct-to-consumer sales model relies on aggressive marketing tactics rather than independent agents who provide unbiased guidance. On the other hand, Florida Blue provides a better overall experience, with lower costs, more plan availability, a stronger reputation, and reliable long-term rate stability.

But choosing between these two companies is just one part of the process. The reality is, there are many Medicare Supplement providers available, and finding the best plan for your specific needs and budget takes careful comparison.

Navigating the world of Medigap can be overwhelming, and no one wants to deal with pushy sales tactics. That’s where Policy Guide comes in—we help you compare all the major carriers so you don’t end up overpaying for the same coverage.  

Our licensed experts are here to provide personalized advice, easy-to-understand plan comparisons, and step-by-step support with enrollment. You can feel confident knowing you’re getting the right plan at the best price.  

Don't settle for an overpriced Medigap plan. Reach out to Policy Guide today and find a cost-effective, reliable Medicare Supplement policy that’s a perfect fit for your needs.