Lumico and Elips Medicare Supplement Insurance 2024 Review

Lumico and Elips Medicare Supplement Insurance 2024 Review
Lumico and Elips Medicare Supplement Insurance 2024 Review

Lumico and Elips Life Insurance Company are two Medicare Supplement Insurance companies that share products but serve different states.

The companies’ premiums are competitive, and they spend a large portion of those premiums on member benefits, not overhead. But Lumico and Elips’ plan types and government footprint are limited, and customer complaints are slightly higher than average.

Here’s what you need to know about Lumico and Elips Medicare Supplement Insurance.

Lumico and Elips Medicare Supplement Pros and Cons

Medicare supplement insurance plans from Elips and Lumico have advantages and disadvantages.

Professionals


Minimal overhead: Lumico and Elips spend more on member benefits and less on overhead than most other companies.

Premiums: Lumico and Elips tend to have lower prices than many competitors.

cons


Plan Options: You’ll have to look elsewhere for all plan types outside of A, F, G, and N.

Customer complaints: Lumico and Elips receive moderately more complaints about their Medigap plans than average.

Types of Lumico and Elips Medicare Supplement Plans

  • Medigap Plan A — the basic benefits included in every Medigap plan without any extras.

  • Medigap Plan G — the highest coverage option available to new Medicare members. Available as a high deductible plan in certain locations.

Elips and Lumico also offer Medigap Plan F for individuals who were first eligible for Medicare before 2020. Newer Medicare members cannot purchase this plan from any insurance company.

In addition, Lumico offers plans in Minnesota and Elips offers plans in Wisconsin that meet each state’s respective standards. (Massachusetts, Minnesota, and Wisconsin do not use the same Medigap standardization system as the rest of the country.)

Elips and Lumico Medicare Supplement Costs

The following price estimates were obtained for three metropolitan areas representing above-average, average, and below-average costs for the most popular Medicare supplement insurance plans (Plan G and Plan N)

  • The Angels: More expensive than average.

  • Dallas: Cheaper than average.

The sections below show price information from Elips for a 65-year-old non-smoking woman as submitted to the Centers for Medicare & Medicaid Services

For comparison, the table for each plan also includes the price for the cheapest option to buy the same plan from each company that submitted prices. For example, Elips’ price for Medigap Plan G in Los Angeles appears alongside the lowest Medicare.gov price for all Plan G policies available in Los Angeles for an applicant with identical demographics.

Plan G

On average, Elips’ calculated premiums for Medigap Plan G were about 23% higher than the cheapest Plan G policy in the area.

Medicare.gov lowest cost

Plan N

On average, Elips’ premiums for Medigap Plan N were about 25% higher than the cheapest Plan N policy in the area.

Medicare.gov lowest cost

Discounts

Eligible applicants may receive a discount on Elips and Lumico Medicare Supplement insurance premiums if they live with a spouse or other eligible adult.

Discount amount and availability may vary depending on factors such as your location, household status and how you apply for a policy.

Lumico and Elips member complaints

25% more complaints than average

Members filed complaints about Medicare Supplement Insurance plans from Elips and Lumico at a rate about 25% higher than the average for all Medigap plans, according to 2022 data from the National Association of Insurance Commissioners

NerdWallet conducts its data analysis and reaches conclusions independently and without the approval of the NAIC.

Elips and Lumico costs of care

85.2% for member benefits

Providers of Medicare supplement insurance must report data on the premiums they collect and how much they spend to provide benefits to members.

Based on last year’s data, Elips and Lumico Medicare Supplement Insurance plans spend about 85.2% of premiums on member benefits

By comparison, the average for all providers is 80.4%. The minimum required by law for individual Medigap policies is 60%

Additional benefits

Medigap plans are standardized, but companies may offer extras in addition to Medicare benefits, such as gym memberships or discounts on certain health and wellness products.

Lumico and Elips may offer fitness benefits through Silver&Fit at certain locations. Availability may vary by company and location, so check the plan materials to confirm what’s available to you.

Lumico and Elips Medicare Supplement Insurance Service Area

Lumico and Elips serve different sets of states. Between Elips and Lumico, the companies cover 31 states.

Together, Elips and Lumico cover about 60,000 Medicare Supplement Insurance beneficiaries, with a combined market share of about 0.27%

Compare the alternatives

Here’s how Medicare supplement providers compare with Lumico and Elips.

Find the right Medicare supplement insurance plan

Because Medigap plans are standardized, you can get the exact same Medicare benefits from any company offering the plan. So when shopping, keep these considerations in mind to find the best policy to suit your needs:

  • Is your preferred plan available? Health insurance companies don’t always sell every plan, so check to see who sells the plan you want to buy in your area.

  • What are the premiums? Prices for the same plan can vary between companies, so check to find the most competitive prices.

  • Will your premiums change over time? Most policies cost more with age, but some companies offer policies that allow you to lock in a price when you sign up.

  • Are there extras? The main benefits of Medigap plans are standardized, but in certain cases, some companies include such benefits as discount programs or gym memberships.

If you have additional questions about Medicare, visit Medicare.gov or call 800-MEDICARE (800-633-4227, TTY 877-486-2048).

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