Lumico Medicare Review

Lumico Medicare Ratings at a Glance

Founded in 1965, Lumico Life Insurance Co. is a life insurance company that also provides Medicare supplement products or Medigap. The company was acquired in 2016 by iptiQ Americas Inc., a member of the Global Fortune 500 reinsurer Swiss Re. If you haven’t heard of Lumico, it’s because the company sells its products mainly business-to-business (B2B). 

Lumico Medigap products are underwritten by the Elips Life Insurance Co. With an excess of $60 million in total assets, Lumico receives a financial rating of A from A.M. Best, and B from the Better Business Bureau. Lumico sells Medigap plans that require no physical examination, just a short questionnaire. Lumico Medigap products are available in 42 states.

Lumico offers the most popular and comprehensive Medigap coverage, plans F and G, as well as plans A and N. Prices are competitive. The company does not offer Medicare Advantage.

Medigap Plan A

Medigap Plan A helps pay for out-of-pocket expenses incurred by Medicare and is required by law to be sold by all private health insurance providers that sell Medigap products. Plan A is the most basic of the Medigap plans. It is one of the cheapest of all the plans because it offers the fewest benefits. 

Medigap Plan A covers:

• Medicare Part A coinsurance payments (in-patient care, additional 365 days after Medicare benefits run out)
• Medicare Part B coinsurance or copay expenses
• Copays or coinsurance for Part A hospice care
• 3 pints of blood

Medigap Plan A covers these at 100%.

Plan A policyholders are still responsible for paying their Medicare Parts A and B deductibles. Skilled nursing facility coinsurance, Part B excess charges and foreign travel emergency costs are not covered. Plan A is best for policyholders who don’t plan on using their coverage much and want to avoid higher premiums. Lumico Plan A coverage averages around $121 per month.

Medigap Plan N

Much like Plan A, Plan N is for Medicare recipients who do not plan on using their coverage extensively. Like Plan A, Plan N allows policyholders to have coverage, while at the same time not having to pay high monthly premiums. Plan N is similar to Plan A with one distinction. Plan N is typically the cheapest Medigap plan.

Just like Plan A, Plan N reduces the amount of out-of-pocket expenses you encounter when accessing your Medicare coverage. Plan N covers all the same things as Plan A, but adds to it a $20 copay for doctor visits. Emergency room visits (that do not result in hospitalization) cost just $50, and most Plan N policies do not require payment to urgent care centers.

Plan N coverage includes:

• Part A coinsurance for hospital care
• Part B coinsurance for medical care
• Coinsurance for Part A hospice care
• Part A deductible
• Coinsurance for skilled nursing at home

Part N does not cover your Part B deductible or excess charges for Part B.  Lumico Plan N coverage averages around $96 per month.

Medigap Plan G

If you’re looking for more comprehensive coverage and don’t mind paying more, Medigap Plan G might be the best coverage for you. Unlike Plans A and N, Plan G is made for people who plan on using their Medicare more often. Plan G is the most popular of all the Medigap plans.

Plan G covers:

• Medicare Part A coinsurance payments (in-patient care, additional 365 days after Medicare benefits run out)
• Part A deductible
• Copay or coinsurance for Part A
• Part B coinsurance or copay 
• Part B excess expenses
• Blood transfusion (3 pints)
• Coinsurance for skilled nursing facility
• Emergency care when traveling abroad

While Plan G is comprehensive, it still does not cover other healthcare items such as prescription medication, long-term care, dental and vision. Medicare Part B deductibles are also not covered. Lumico Plan G coverage averages around $122 per month.

Some states offer a high-deductible version of Medigap Plan G. A high-deductible plan is for people who don’t foresee using their coverage too much and wish to save on monthly premiums. 

Medigap Plan F

Plan F is the most comprehensive of all the Medigap plans. In fact, it’s the same as Plan G, except for one important difference: It pays for the Medicare Part B deductible. If you’re looking for a plan that covers all deductibles, Plan F is for you. Plan F coverage includes:

• Part A deductible
• Medicare Part A coinsurance payments (365 days after Medicare benefits run out)
• Coinsurance or copay for Part A
• Part B deductible 
• Part B excess expenses
• Part B coinsurance or copay
• 3 pints of blood
• Emergency care when traveling abroad
• Coinsurance for skilled nursing facility

Lumico Plan F coverage averages around $146 per month.

Medigap plans for newcomers to Medicare no longer cover the Part B deductible. This means that Part F plans are no longer available to recipients who enrolled in Medicare on or after Jan. 1, 2020. People who were eligible on or before that date, however, and had not yet enrolled, can still sign up for Plan F. Plan F is the only coverage that pays the Medicare Part B deductible.

If you’re looking for a Medigap policy, the Lumico website does not offer a wide array of contact forms. There is no live chat, nor is there an online form or even a health insurance email to contact the company. Quotes are offered through independent agents. There is a way to contact the company by phone, although the hours are limited to 8 a.m. to 5 p.m. CST Monday through Friday.

What the company lacks in flash, however, it makes up for by providing policy issuance in as little as 24 hours. Claims processing can be completed in as little as four days, and calls are answered within 30 seconds.

Lumico Medicare offers some of the most competitive pricing in the business. With an A.M. Best rating of A, the company offers Medigap policies at prices around:

Plan F: $146

Plan G: $122

Plan A: $121

Plan N: $96

Of course, the more comprehensive the plan, the more expensive it is going to be. Plans F and G are the most comprehensive Medigap plans.

While the Lumico website mostly refers to life insurance, it does have a page known as the Elips Product Guide. The guide covers everything from what Medigap is and what it covers, to what standard Medicare does not. The page (in PDF format) explains in detail exactly who can qualify for Medigap coverage, whether you can get coverage for your spouse and available discounts. The page is filled with useful information and colorful graphs for anyone considering purchasing Medigap coverage.

For agents, the company website offers an agent contact sheet. The contact sheet includes information for:

• Appointment and licensing
• Agent portal and e-application
• Underwriting and customer policies

An underwriting manual is available on the agent portal.

The user experience for Lumico Medicare products is basic. Except for the Elips Product Guide, the website mainly talks about its life insurance products. If you’re looking for quotes on any of the 4 Lumico Medigap products, however, the process is made easy through an independent insurance agent. Quotes can be generated either digitally or by phone.

Lumico Medicare Versus Competitors

When it comes comparing it to its competitors, it’s easy to see why so many people choose Lumico. Lumico not only offers competitive rates for all its Medigap products, its trusted reputation and A.M. Best rating of Excellent means the company will be there for you when you need it. The company offers four types of Medigap plans, including the two most popular and comprehensive plans, F and G.

While the Lumico website doesn’t have all the bells and whistles of its competitors and quotes cannot be derived directly, the company gets 4 stars because of its strong financial rating and solid reputation. Pricing for Lumico Medigap products is very competitive, and the company offers household discounts for those who reside with a spouse or other eligible adult. Coverage is mostly instant, and there is no waiting period.

Frequently Asked Questions