Bankers Life Insurance
The History of the Medicare Supplemental Policy
Bankers Life Insurance
In 1971 Bankers Life introduced the first Medicare supplemental policies. Initially Bankers Life contracted with thousands of insurance agents to sell this newest insurance innovation. The policies were somewhat complicated to understand and Bankers Life quickly gained 47% share in this newest insurance sales market.
Other insurers, such as United American, Mutual of Omaha and Colonial Life, got smaller chunks of the market. Bankers Life sold and continues to sell its policies via independent agents and a state of the art customer care facility located in Newark, New Jersey.
The National Association of Insurance Commissioners (NAIC) standardized the policies allowed to be sold to consumers in 1981. Plan A is the most basic coverage and the insurance company is required to offer this coverage to every customer. The vast majority of Medicare supplement customers have taken Plan F which pays the entirety of Medicare expenses coupled with the original Medicare yet does not cover medicines. In 2004, the United States federal government introduced a drug benefit to the Medicare recipients. President Bush won reelection and the federal budget deficit began its upward slope.
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