Lumico and Elips Medicare Supplement Insurance 2024 Review

Lumico and Elips offer competitive Medigap premiums, but only a few plan types, and their complaint rates are higher than average.
Alex Rosenberg
By Alex Rosenberg 
Edited by Holly Carey

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Lumico and Elips Medigap

Lumico and Elips

Lumico and Elips serve different states, but offer the same Medigap products. Premiums are competitive, but there aren't many plan type options.

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from askchapter.org

Plan types offered

A, F, G and N.


NAIC complaint rate

More than expected


Premium discounts available

Average


Plan types offered

A, F, G and N.


NAIC complaint rate

More than expected


Premium discounts available

Average


Pros

  • Very high proportion of premiums spent on member benefits.
  • Competitive rates.

Cons

  • Few plan types offered.
  • Above-average member complaint rates.

Lumico and Elips Life Insurance Company are a pair of Medicare Supplement Insurance companies who share products, but serve different states.

The companies’ premiums are competitive, and they spend a large proportion of those premiums on member benefits rather than overhead. But Lumico and Elips’ plan types and state footprint are limited, and customer complaints are somewhat higher than average.

Here's what you should 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.

Pros

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 need to look elsewhere for any plan types beyond A, F, G and N.

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

Lumico and Elips Medicare Supplement plan types

Here are the Medicare Supplement Insurance plan types Lumico and Elips offer for any Medicare member:

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

  • Medigap Plan N — a plan with lower premiums but higher copays.

  • 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 can't buy this plan from any insurance company.

In addition, Lumico offers plans in Minnesota and Elips offers plans in Wisconsin that fit each state's respective standards. (Massachusetts, Minnesota and Wisconsin don't use the same Medigap standardization system as the rest of the country.)

Cost for Elips and Lumico Medicare Supplement Insurance

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)

NerdWallet analysis of American Association for Medicare Supplement Insurance data. Best Costs Medigap 2024 – Plan G. Accessed Mar 25, 2024.
:

  • Los Angeles: More expensive than average.

  • Atlanta: Average cost.

  • Dallas: Less expensive than average.

The sections below show pricing information from Elips for a 65-year-old female nonsmoker as filed with the Centers for Medicare & Medicaid Services

Centers for Medicare & Medicaid Services. Find a Medigap Policy That Works For You. Accessed Mar 25, 2024.
. (Note: Some Medigap prices may be higher for males.)

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

Plan G

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

Elips price

Medicare.gov lowest price

Los Angeles

$185.

$137.

Atlanta

$146.

$119.

Dallas

$122.

$109.

Plan N

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

Elips price

Medicare.gov lowest price

Los Angeles

$147.

$105.

Atlanta

$109.

$90.

Dallas

$93.

$82.

Discounts

Qualifying applicants might be able to get a discount on Elips and Lumico’s Medicare Supplement Insurance premiums if they live with a spouse or other eligible adult.

Discount amounts and availability may vary according to 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 file 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

National Association of Insurance Commissioners. Company Complaint Index. Accessed Mar 25, 2024.
.

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

Elips and Lumico’s spending on care

85.2% for member benefits

Medicare Supplement Insurance providers must report data on the premiums they collect and how much they spend to provide benefits for members.

Based on the most recent year of data, Elips and Lumico Medicare Supplement Insurance plans spend about 85.2% of premiums on member benefits

. (The other 14.8% goes to overhead expenses like administrative costs, marketing, salaries and commissions.)

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

Code of Federal Regulations. Title 42, Part 403, Section 215. Accessed Mar 25, 2024.
.

Additional benefits

Medigap plans are standardized, but companies can offer extras on top of the Medicare benefits, such as fitness memberships or discounts on certain health and wellness products.

Lumico and Elips may offer fitness benefits through Silver&Fit in certain locations. Availability can vary by company and location, so check 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%

National Association of Insurance Commissioners. 2022 Medicare Supplement Loss Ratios. Accessed Mar 25, 2024.
.

Compare alternatives

Here's how Medicare Supplement Insurance providers compare with Lumico and Elips.

Find the right Medicare Supplement Insurance plan

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

  • Is your preferred plan available? Health insurance companies don’t always sell every plan, so check 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 rates.

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

  • Are there extras? Medigap plans’ core benefits are standardized, but in certain cases, some companies include such perks 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).

Still deciding on the right carrier? Compare Medigap plans

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