Lumico Medicare Supplement Plans

Summary: Lumico Medicare Supplement plans are available to Medicare beneficiaries nationwide. Lumico offers a wide range of top-rated Medigap plans to meet your budget and healthcare needs. Estimated Read Time: 9 min

Before choosing a Medicare Supplement plan (Medigap), it’s important to know what’s available in your area. Below, we review Lumico Medicare Supplement Plans, their costs, availability, and eligibility to help determine which Medigap plan and carrier is best for you.

Below, we have the information you need to know about Lumico Medigap plans.

Lumico Life Insurance Medicare Supplement Plans for 2023

The federal government standardizes benefits for all Medigap plans. Thus, the benefits for each letter plan are identical between carriers. Yet, different carriers offer a range of premium prices, and beneficiary experiences vary per company.

Previously Generation Life Insurance Company, Lumico Life Insurance Company is one of the many carriers offering Medicare Supplement plans. Some of the unique features Lumico offers are:

• Comparatively low monthly premium rates
• Low rate increases each year
• Household discounts
• Guaranteed renewable plans
• Policies issued in 24 hours
• Average of four days to process claims
• Digital platform for policyholders

Lumico offers the most basic benefits in the form of Medigap Plan A. They also offer the best Medicare Supplement plans, plus High Deductible Plan G. If, after comparing Medigap plans, you find one of these to be your best option, it can be worth speaking to an agent about the pricing and availability of Lumico policies in your area.

Lumico Medicare Supplement Plan F

A first-dollar coverage plan, Medigap Plan F includes all the benefits every other Medigap plan covers – including the Part B deductible. This plan is available through Lumico. However, only beneficiaries eligible for Medicare before a certain date can enroll in this plan.

Lumico Plan F is one of the most comprehensive Medicare Supplement plans available and covers all the Medicare Part A and Part B cost-sharing expenses that are not covered by Original Medicare. This includes things like coinsurance, copays, and deductibles.

It’s important to note that Lumico Medigap Plan F is only available to people who were eligible for Medicare before January 1, 2020. However, there are great plans available for those who don’t qualify.

Lumico Medicare Supplement Plan G

Next to Plan F, Medigap Plan G offers the most comprehensive coverage of all the Medigap plans. Therefore, it’s a popular option among newer beneficiaries and is also available through Lumico. The only benefit Lumico Plan G doesn’t cover is the Part B deductible.

Additionally, Lumico offers High Deductible Medicare Supplement Plan G. Meaning enrollees receive the same coverage as with standard Plan G but to do so, they must first meet the higher deductible, which can increase each year. However, there’s a lower premium with this plan each month than with the standard version.

Lumico Medicare Supplement Plan N

Finally, Medicare Supplement Plan N rounds out the list of the three most popular Medigap plans. This plan covers everything that Plan G covers, except for small copayments at the doctor and emergency room, and Part B excess charges. These charges are what providers who don’t accept Medicare assignment add to your bill.

However, not every state allows excess charges, and most doctors accept Medicare. So, if your providers are all in states that don’t allow excess charges, it won’t make a difference in your coverage if you choose Plan G or Plan N. With this in mind, you can save money by going with Plan N instead. The states that don’t allow excess charges in which Lumico offers Medigap plans are Pennsylvania and Ohio.

Lumico Medicare Supplement Cost

The cost of Lumico Medicare Supplement plans can vary based on several factors. These factors include your age, gender, location, and health status. Other factors that can affect the cost of your Lumico Medicare Supplement plan include whether you are a smoker and whether you are applying during your initial enrollment period or outside of it.

It’s important to note that Lumico, like other Medicare Supplement insurance companies, uses one of three pricing models to determine the premium cost of their plans. These pricing models are:

• Community-rated: Everyone pays the same premium regardless of age or health status.
• Issue-age-rated: The premium is based on the age you were when you first enrolled in the plan. The younger you are when you enroll, the lower your premium will be.
• Attained-age-rated: The premium is based on your current age, and it increases as you get older.

Below is a sample premium table for Lumico plans across the U.S. for males and females aged 65 and 75 who do not use tobacco products.

Remember, the above premiums are only examples of what you could pay for a Cigna Medigap plan. Your unique premium is based on several factors that may not be accounted for above.

It is important to note the annual rate increases for Lumico Medicare Supplement plans are stable, at less than 5% per year. Additionally, in some markets, Lumico has even seen rate decreases. These statistics solidify Lumico as a top contender for reasonable premium rates over time.

Lumico Medigap Eligibility

To be eligible for a Lumico Medicare Supplement plan, you must be enrolled in Medicare Part A and Part B. You must also live in a state where Lumico offers Medicare Supplement plans.

You can apply for a Lumico Medicare Supplement plan at any time. However, you may be subject to medical underwriting, which means that Lumico may review your health history and could potentially deny coverage or charge you a higher premium based on your health status.

It’s also important to note that there are certain periods when you can enroll in a Medicare Supplement plan without being subject to medical underwriting. The most common period is the Medicare Supplement Open Enrollment Period, which is the six-month period that starts when you first enroll in Medicare Part B. During this time, you have guaranteed issue rights, which means that you can enroll in any Medicare Supplement plan without being denied coverage or charged a higher premium based on your health status.

If you have missed your Open Enrollment Period, you may still be able to enroll in a Lumico Medicare Supplement plan without underwriting during a special enrollment period triggered by certain life events, such as moving to a new state or losing your employer-sponsored health coverage.

Lumico Medicare Supplement Plan Reviews

The Zürich, Switzerland-based Swiss Reinsurance Company – better known as Swiss Re – owns Lumico. With over 50 years of selling life insurance, Lumico enjoys a great reputation.

Its financial security and stability are demonstrated by an ‘A’ rating by A.M. Best and A+ Better Business Bureau (BBB) accreditation. It is one of the top ten Medicare Supplement companies in the United States. In addition to Medigap plans, Lumico offers a variety of life insurance products as well as accidental death insurance.

FAQs

How to Sign Up for Your Lumico Medigap Plan

Beneficiaries should consider Lumico Life Insurance if they want to enroll in one of the best Medicare Supplement plans while saving money throughout the years. If you'd like to learn more about the Medigap options in your state, call us at the number above or fill out our online rate form to compare monthly premiums for plans near you.

Our licensed agents are here to help you make the best decisions for your current and future health while keeping your budget in mind. When reviewing Lumico Medigap plans, we'll be sure you receive the most up-to-date information to make the best decision possible. We represent the top Medicare Supplement carriers and look forward to guiding you in the right direction regarding your coverage.

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