Lumico and Elips Medicare Supplement Insurance 2024 Review

Lumico and Elips offer competitive Medigap premiums, but only a few plan types, and they serve a limited set of states.

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Written by Alex Rosenberg
Lead Writer
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Edited by Holly Carey
Assigning Editor
Fact Checked

The bottom line: Lumico and Elips Life Insurance Company share Medigap products, but serve different states. Their premiums are competitive, and they spend a large proportion of premiums on member benefits. But Lumico and Elips’ plan types and state footprint are limited, and they don’t offer quotes online. Jump to: Full Review

Lumico and Elips Medigap

Lumico and Elips

4.0

NerdWallet rating 
(855) 432-0512

TTY 711

Speak to a licensed insurance agent on askchapter.org
GET A QUOTE

from askchapter.org

M-F 8am-10pm EST, Sa-Su 9am-9pm EST

Speak to a licensed insurance agent on askchapter.org
(855) 432-0512

TTY 711

Lumico and Elips Medicare Supplement pros and cons

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.

No online quotes: You can’t get a price quote or apply for a plan directly from Lumico or Elips online — you’ll have to talk to an agent.

Medicare will have big changes in 2025. Shop around and Compare Medigap plans

Our full review

45+ Medicare companies and brands analyzed by our team of experts.

30+ years of combined experience covering Medicare and personal finance.

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NerdWallet’s Medicare content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in Medicare. Their work has appeared in The Associated Press, Washington Post, Nasdaq, MSN, MarketWatch, Yahoo! Finance and other national and regional media outlets. They have been cited in publications including Healthline, and appeared on NerdWallet's "Smart Money" podcast.

Lumico and Elips Medicare Supplement Insurance rating

4.0

NerdWallet rating 

Lumico and Elips earned 4 stars out of 5 for overall Medigap performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account pricing, coverage options, online quote availability, complaint data from the National Association of Insurance Commissioners and more.

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.)

💬 From our Nerds: Are Lumico and Elips good Medicare Supplement Insurance companies?

“I'd call Lumico and Elips potentially solid Medigap options, as long as you can accept certain trade-offs. They have competitive premiums, but don’t offer many plan types, discounts or non-Medicare perks. If Lumico or Elips serve your area, they’re worth considering as you compare quotes.”

Note: Since Medigap plan options can vary by location, it’s a good idea to do your research, compare multiple quotes and consider working with a licensed insurance agent for more personalized recommendations.

Alex Rosenberg, lead writer covering Medicare

Cost for Elips and Lumico Medicare Supplement Insurance

Lumico and Elips offer lower Medigap premiums than many competitors on the market. In estimates obtained for this review, Elips’ premiums for Medigap Plan G were about 18% higher than the cheapest alternative available in the same location. Plan N premiums were about 19% higher.

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 Jul 24, 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

Elips price

Medicare.gov lowest price

Los Angeles

$185.

$148.

Atlanta

$146.

$125.

Dallas

$122.

$109.

Plan N

Elips price

Medicare.gov lowest price

Los Angeles

$147.

$114.

Atlanta

$109.

$95.

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

7% fewer complaints than average

Members file complaints about Medicare Supplement Insurance plans from Elips and Lumico at a rate about 7% lower than the average for all Medigap plans, according to 2022 and 2023 data from the National Association of Insurance Commissioners

National Association of Insurance Commissioners. Company Complaint Index. Accessed Jul 24, 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

Lumico and Elips spent about 85.2% of Medigap premiums on member benefits, based on the most recent annual data

. (The other 14.8% went to overhead expenses like administrative costs, marketing, salaries and commissions.) For comparison, the average for all providers is 80.4%.

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

Get more information below about some of the major Medicare Supplement Insurance companies. These insurers offer Medigap plans in most states, but specifics may vary depending on your location.

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).
Lumico and Elips Medigap

Lumico and Elips

4.0

NerdWallet rating 

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

(855) 432-0512 / TTY 711

M-F 8am-10pm EST, Sa-Su 9am-9pm EST

Speak to a licensed insurance agent on askchapter.org

GET A QUOTE

from askchapter.org

Plan types offered

A, F, G and N.


NAIC complaint rate

Close to expected


Premium discounts available

Below average


Plan types offered

A, F, G and N.


NAIC complaint rate

Close to expected


Premium discounts available

Below average


Pros

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

Cons

  • Few plan types offered.
  • Websites don't offer price quotes or online applications.

Medicare Supplement Insurance ratings methodology

NerdWallet’s Medicare Supplement Insurance (Medigap) ratings are based on pricing, discounts, plan types offered, complaint data from the National Association of Insurance Commissioners, consumer experience, additional perks and benefits, and more. To calculate each health insurance company's rating, we adjusted the scores to a curved 5-point scale, rounded to the nearest half star.

NerdWallet reviewed 15 Medicare Supplement Insurance companies based on highest enrollment and greatest online search volume. At the national level, our scored reviews include companies covering about two-thirds of all Medigap beneficiaries. At the state level, our research includes at least one of the two largest Medigap insurance companies in 48 of the 50 states, plus Washington, D.C.

These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best coverage and rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines and full ratings methodology for Medicare Supplement Insurance.

Insurer complaints methodology

We examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, we calculated a similar index for each insurance company, weighted by market shares of each subsidiary. We score companies based on this index of how many complaints the company receives relative to its market share. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

Medicare will have big changes in 2025. Shop around and Compare Medigap plans

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