Elips Life Insurance Company was established in 1978 and headquartered in Schaumburg, IL. They were purchased by Swiss Re in 2022 and are now part of Swiss Life International Corporation. Elips Life underwrites Lumico Medgap Solutions.

We will discuss Elips Life Insurance Company’s Medicare Supplements and how Medicare Part C works. After that, we’ll cover the Prescription Drug plans and explain the financial strength ratings. Finally, we’ll answer a few frequently asked questions about enrolling in a Lumico Medigap plan.

Elips Life Supplemental Medicare Plans

Medicare health insurance is primarily for Americans aged 65 and older, under 65, with certain health conditions. It’s a great health insurance option, but there are costs associated that many people don’t realize. Most Medicare enrollees elect to add Supplemental Medicare Insurance.

These additional health insurance options come in a few different varieties. When beneficiaries choose their Supplemental Medicare option, they’ll generally pick one or two directions. They will either stay with their Original Medicare or an option that allows them to receive their Medicare benefits another way.

Individuals that choose to stay with Original Medicare will add a Medicare Supplement and a Part D prescription drug plan. For the others, they elect to enroll in a Medicare Advantage Plan. These plans will combine your Medicare benefits and coverage in one simple-to-use program.

By choosing one of these paths, you are enrolling in a Supplemental Medicare plan that helps cover or lower what you must pay out of pocket.

Elips Life Medicare Supplement Plans

If you’re looking for the coverage that gives the most protection, then a Medicare Supplement plan is for you. These plans work as secondary coverage to fill in the cost gaps between Medicare Part A and Medicare Part B. It’s due to their gap coverage that they are sometimes referred to as Medigap policies.

Lumico Medigap Solutions offers Medicare Supplements underwritten by Elips Life Insurance in 44 states. Some states will be provided under the Lumico Medigap Solutions brand, and others will be under the Elips Life Insurance Company brand.

Medicare Supplement has ten plan options available, but most beneficiaries choose between Plan F, Plan G, and Plan N.

These three plans offer the best coverage for the monthly premiums required.

Medicare Supplement health insurance covers the out-of-pocket costs left over by Original Medicare. You’ll need to enroll in a standalone Part D plan for prescription drug coverage. Medigap plans are required you to have the same coverage regardless of which health insurance company you choose. The decision truly comes down to the price and quality of the company.

Enrolling in a Medicare Supplement policy allows you to continue to have the freedom to choose any doctor nationwide that accepts Medicare. You’ll also not be required to have a referral to see specialists.

Elips Life Medicare Advantage Plans

Medicare Advantage plans are the same thing as Medicare Part C. They work by combining your Medicare parts into an all-in-one plan that provides all your benefits. In addition, these style plans can have benefits that Medicare doesn’t typically cover. These benefits include gym memberships, dental, vision, and hearing coverage.

Most Medicare Advantage plans are network based. This means to use the program, you must use in-network providers. Some allow out-of-network coverage but at a higher cost share. They must also have a maximum out-of-pocket to limit expenses in any given year.

Medicare Advantage coverage isn’t offered through Lumico or Elips Life Insurance Company. If you’d like Medicare Part C details, fill out our online request form, and one of our licensed agents will assist you.

Elips Life Medicare Part D

Medicare Prescription drug coverage can be accessed in two ways. You can either enroll in a Medicare Advantage plan that includes the coverage or a standalone Part D drug plan. Both plans are regulated by CMS and run by private health insurance companies. Lumico Medigap Solutions doesn’t provide options for Medicare prescription coverage.

Financial Strength Ratings

A company with an excellent financial rating can indicate its good at certain functions. Financial strength helps us gauge how fast a company will pay claims, their rate increases, and how competitive their rates will be.

AM best has provided Elips Life Insurance Company with an “A – Excellent” rating.

Reviews

Elips Life Insurance Company has been in business for more than 40 years. With Swiss Re backing them, they have plenty of financial strength and stability. Their Medicare Supplements are written by Lumico Medigap Solutions and Elips Life Insurance Company and offer plans in 44 states.

They have competitive rates, quick turnaround from application to approval, and household discounts to offer their policyholders. All and all, they are a great company that is making waves in the Medicare industry.

FAQs

Who owns Lumico health insurance?

Lumico is part of Swiss Re and Elips Life Insurance Company. Lumico has been in business for over 50 years.

What is the cost of Lumico supplemental insurance for Medicare?

The costs of Medicare Supplement insurance will vary depending on several factors. Depending on the Plan letter and where you live, you can expect to pay somewhere between $80 and $200 monthly for a Lumico Medigap plan.

What is the most inclusive Lumico Medicare plan?

The policy that offers the most coverage is Plan F.

This option will pay all of your portion of the costs from Medicare Part A and Medicare Part B.

Plan F is only available to Medicare beneficiaries that were eligible for Medicare before January 1, 2020.

Plan G will be Medicare’s most comprehensive health plan for newly available individuals. The only difference is that Plan G doesn’t cover the small Medicare Part B deductible.

How does Lumico compare to other Medicare supplement insurance companies?

Lumico Life Insurance Company has blasted into the Medicare scene over the past couple of years. They have very competitive rates and a fast underwriting process. In addition, they are a solid company with sound financial backing.

What Medicare Supplement plans are offered by Lumico?

Lumico’s plan options can differ depending on where you reside. They offer Plan A, Plan F, Plan G, Plan N, and Plan High Deductible G.

When is the best time to enroll in a Lumico Medigap plan?

The best time to enroll in a Medigap plan with Lumico is your Open Enrollment or a guaranteed issue period. During these times, medical underwriting isn’t required.

What do Lumico Medicare Supplements cover?

Lumico Medicare Supplement insurance plans cover services and Items covered by Original Medicare. Some of these include:

  • Medicare Part A and B Coinsurance
  • Medicare Part A and B Deductibles
  • Medicare Part A and B Copays

Coverage will vary depending on the med supp you enroll in.

How to Enroll in an Elips Life Medicare Plan

If you’re wondering if a Lumico Medicare Supplement Insurance policy is best for you, we can help. Our licensed insurance agents will help analyze your situation and match your needs with available options. Getting help is quick and easy. Fill out our online request form or call us!

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by Lindsay Malzone, Lindsay Malzone is the Medicare expert for Medigap.com. She's been contributing to many well-known publications as an industry expert since 2017. Her passion is educating Medicare beneficiaries on all their supplemental Medicare options so they can make an informed decision on their healthcare coverage.