Lumico Life Insurance Medicare Supplement plans offer some of the most competitive rates among carriers. With a variety of plan options, beneficiaries can choose the coverage that best fits their needs, for a reasonable premium price. Before choosing a plan, it’s important to know what’s available in your area. Below, we have the information you need to know about Lumico Medigap plans.
Lumico Life Insurance Medicare Supplement Plans for 2022
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 Plan A. They also offer the top three Medigap 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 Life Insurance 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.
Lumico Life Insurance Rate Increases
The 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 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 Medicare Supplement Plan G
Next to Plan F, 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 this plan doesn’t cover is the Part B deductible.
Additionally, Lumico offers the high-deductible version of 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 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.
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. We represent the top Medicare Supplement carriers and look forward to guiding you in the right direction regarding your coverage.
Are there limited hospitals/physicians covered by Lumico in Kansas? Specifically I typically use Pratt Regional Medical Center and Rachel Hauser,MD in Pratt Ks
Hi Deb – Lumico only offers Medicare Supplement plans, so as long as your providers and facilities accept Medicare assignment, you will receive coverage through a Lumico plan.
what costs are under medicare part b deductible
Hi Sharon! You can find that information on our Part B page.