Lumico Medicare Supplement Reviews
If you’re a member of Original Medicare, you might find it surprising that you don’t have full coverage of your healthcare expenses. Medicare only covers you for 80% of Parts A & B costs. You have to pay the balance of your expenses, leaving you out of pocket.
Lumico Medicare Supplement Plans offer a way to cope with these expenses. As one of the leading healthcare insurers in the United States, Lumico gives you a range of Medigap plans to assist you with covering the costs of inpatient and outpatient care associated with Original Medicare.
Lumico’s Medigap Plans have different levels of coverage, and they come at various price points. This post gives you everything you need to know about Lumico Medicare Supplement Plans. We’ll discuss the policies they have available, the benefits and coverage they offer, and what you can expect to pay for each plan.
Lumico Medicare Supplement Plans at a Glance
Lumico Medicare Supplement plans bring you competitive rates compared to other carriers operating in its service area. It has a limited number of plans in its offering, focusing on the most popular versions with the best benefits (except for Plan A, which all insurers must offer).
Lumico also has some of the lowest annual increases in premium rates and offers guaranteed renewable Medigap plans. You get your policy issued in less than 24 hours and immediate access to benefits when signing up in the open enrollment period.
The company has a competitive household discount and processes most claims in four days. Policyholders also have access to a digital platform for processing and following up on their claims submissions.
Who Is Lumico?
Previously known as “Generation Life Insurance Company,’ Lumico Life Insurance Company is one of the leading providers of Medigap supplement policies in the United States. Founded in 1965, iptiQ Americas Inc. acquired Lumico in 2016, a member of the Fortune 500 reinsurance company, “Swiss Re.”
Elips Life Insurance Co. underwrites all Medigap policies issued by Lumico and manages over $60 million in assets. Lumico has a broad service area, providing Medigap policies in 35 states. However, its Plans are unavailable to residents of Washington D.C and Puerto Rico.
Lumico Medicare Supplement Plans – Benefits & Coverage
Lumico offers five types of Medigap plans, focusing on the most popular policies in the Medigap range. The company offers Plan A, F, G, High-deductible Plan G, and Plan N. All insurers must offer Plan A as per Federal guidelines. You’ll need to be a beneficiary of Original Medicare Parts A & B to get a Medigap plan from Lumico.
Here’s a quick breakdown of each plan offered in the Lumico range.
- Plan A – The basic benefits package, ideal for low-income seniors who want to bolster their Original Medicare policies.
- Plan F – The most comprehensive Medigap policy and the only plan offering coverage for the Part B deductible. However, Plan F is no longer available to new Medicare beneficiaries qualifying for Parts A & B after January 1, 2020. If you are eligible before this cut-off date, you can still buy a Plan F policy.
- Plan G – The most comprehensive Medigap Plan after Plan F. The only thing Plan G doesn’t cover that Plan F does is the Part B deductible.
- High Deductible Plan G – Lumico offers a high-deductible Plan G in some states. The HD version dramatically lowers your monthly premium responsibilities, but your annual Part A deductible increases from $1,600 to $2,700.
- Plan N – is attractive to seniors who don’t incur many healthcare expenses during the year but want the best coverage in a medical emergency. You get low monthly premiums, but you’ll make copays at the emergency room and doctor’s office.
All Medigap plans offer policyholders the following benefits and coverage for their Original Medicare Parts A & B.
- Part A coinsurance and hospital costs up to 365 days after Medicare benefits expire.
- Part A hospice care coinsurance or copayment.
- Part B copayments and coinsurance.
- Blood transfusion (for the first three pints).
Plans F, G, and N offer policyholders the following additional benefits for Medicare Parts A & B.
- Part A deductible.
- Part B excess charges (Plan N doesn’t cover excess charges for doctors’ consultations, with practitioners charging above the “Medicare Assignment” rate. You can mitigate excess charges by visiting doctors charging Medicare-approved rates).
- Coinsurance for care at a skilled nursing facility.
- 80 % of medical costs for medical emergencies incurred during the first 60 days of traveling outside the US (a $250 deductible applies, and you have a $50,000 maximum lifetime coverage limit).
What Lumico Medicare Supplement Plans Don’t Cover
Lumico Medigap policies don’t cover the Part B deductible (only Plan F offers this). Plan N policies require copayments of $20 at the doctor’s office and $50 at the emergency room if you’re not admitted.
All Medigap policies don’t cover prescriptions, or preventative healthcare services like private nursing care, hearing, vision, and dental benefits, physiotherapy, and long-term care at non-skilled nursing homes.
Lumico Medicare Supplement Plans – Premiums
Premiums for Medigap plans vary depending on your age, gender, smoking status, and location in the United States. Here is the average cost of Medigap policies across the entire Lumico service area.
Lumico also offers one of the best household discounts in the market. Your spouse, life partner, or adult living in your home can qualify for up to a 12% household discount when taking a Medigap policy.
Lumico Medicare Supplement Plans – Third-Party Ratings & Reviews
Lumico has a reputation for great customer service. It gets an “A” (Excellent) rating from AM Best for its financial strength and a “B” rating from the Better Business Bureau.
Frequently Asked Questions
Get Free Advice and Quotes on Lumico Medicare Supplement Plans
With so many Medigap policies and providers available, settling on the right provider and plan is challenging. You can rely on our Medigap experts for accurate advice on any Lumico Medicare Supplement Plan.
Contact us at 1-888-891-0229 for a free consultation and quote. We’ll walk you through everything you need to know about Medigap.
We aim to give you the information you need to make an informed decision on the right policy and provider for your unique healthcare needs. You can use our online calculator to get a free automated quote on Lumico Medigap plans or leave us your details, and we’ll have an expert call you back.
Updated June 6th, 2023