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Lumico Life Insurance Medicare Supplement Plans


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 2021

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

Is Lumico a good Medicare Supplement?
Lumico is a top-rated company. Additionally, they offer a variety of Medigap plans to most of the country, at affordable prices. Thus, this carrier can be a sound option for beneficiaries wishing to supplement their Medicare coverage.
Which Medigap plans does Lumico Life Insurance Company offer?
Lumico Life Insurance offers Medicare Supplement Plan A, Plan F (to those eligible), Plan G, High Deductible Plan G, and Plan N. In Wisconsin, Lumico must offer equivalent coverage to these options, as Wisconsin is the one state in which Lumico sells Medigap plans with different names from the conventional letters.
Does Lumico Life sell Medicare Supplements nationwide?
Lumico Life sells Medigap plans across the country, but there are 15 states where these policies are unavailable. Additionally, Lumico policies are not available in Washington, DC.
In which states does Lumico sell Medicare Supplement plans?
Lumico Medicare Supplement plans are currently available in 35 of the contiguous United States. Most recently, Lumico expanded into Colorado, Florida, Montana, New Mexico, and Wyoming.
Does Lumico offer Medicare Advantage plans?
Lumico does not offer Medicare Advantage plans. However, they do sell Medicare Supplement plans.
Does Lumico sell Medicare Part D plans?
No, Lumico does not sell Part D plans. The only supplemental coverage they offer for Medicare is Medicare Supplement (Medigap) plans.
Can I get a Lumico Medicare Supplement plan if I'm under 65 and disabled?
Lumico offers Plan A, which is the minimum amount of coverage a Medigap plan offers. In some states, carriers must make this coverage available to people on Medicare who qualify due to disability. The states with this requirement where Lumico Medigap policies are also available include Georgia, Illinois, Oregon, and Texas.

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.

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Lindsay Malzone

Lindsay Malzone is the Medicare expert for MedicareFAQ. She has been working in the Medicare industry since 2017. She is featured in many publications as well as writes regularly for other expert columns regarding Medicare. You can also find her over on our Medicare Channel on YouTube as well as contributing to our Medicare Community on Facebook.

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