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?

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 select from among the same standardized Medicare supplement plans to offer their customers. Some plans cover more services than others. Have an agent contact you to explain what's covered under each plan so you can select one that's right for 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 have an agent contact you. Your agent can provide complete details and rates for all of our plans, plus answer any questions about service and claims. Our current rates can also be found on the New York Department of Insurance website at www.ins.state.ny.us.

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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.

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Is there a waiting period?

You're covered from the day your application is approved, no matter which plan you select. Plus, there are no pre-existing condition exclusions to worry about.

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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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