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Lumico Life Insurance Medicare Supplement

People who are turning 65 years old soon know very well the importance of preparing for health-related concerns in retirement. While many might have some money saved up to use after retiring from the workforce, it would be much nicer if all those funds were to be allocated to actually kicking back and relaxing. Medicare and Medicare Supplement plans were created for this very purpose—that is, to ensure that senior citizens worry less (or not at all) about healthcare expenses in the years to come.

Lumico Life Insurance

There are plenty of private insurance agencies that offer a range of Medicare Supplement products, also called Medigap, but here we are going to highlight Lumico Life Insurance. Lumico, previously named Generation Life, is partnered with global financial services firm Swiss Re and has been operating for more than 50 years. As per latest figures, the company has more than 47 trillion dollars under management and enjoys an A rating by AM Best.

Note that when it comes to its Medicare Supplement offerings, Lumico acts as underwriter, like all of the other private insurance agencies that sell the same. Medigap plans, though standardized by the federal government, are coursed through independent agencies in a bid to fill the “gaps” that Original Medicare is not able to provide. That said, if you are interested in buying any of the Medigap plans available, then be aware that the monthly premium that goes with it is paid on top of what you are already shouldering for Medicare Part B.

Why a Medicare Supplement Is Needed

While buying a Medigap plan is optional, given the uncertainty of the times and one’s health (and the fact that Original Medicare’s coverage is highly limited), having one in addition to your Part A and Part B membership is almost necessary. For one, Original Medicare does not shoulder the expenses related to copayments, coinsurance and deductibles—all of which are covered in part or in whole depending on the Medigap plan your sign up for. Medicare also does not take care of costs incurred if you have a medical emergency while traveling outside of the United States.

In short, one’s health status is largely unpredictable and it pays to be prepared for the future, especially since you are already in retirement. Whether or not you have some funds, set aside for your twilight years, having insurance in the form of Medicare and Medigap will help greatly when a health crisis does crops up.

What You Need To Apply for Lumico Medicare Supplement

The requirements in applying for a Medigap plan is generally the same across companies, though some insurance agencies might require more stringent underwriting and medical examination processes. Lumico, which is available in many U.S. states through various offices and standalone agents, follows the typical enrollment process, so buying a plan from accredited providers should be a breeze.

Before you buy any Medigap plan, you need to know the following:

You should be enrolled in both Medicare Part A (hospital insurance) and Part B (medical insurance)
You pay for a Medigap plan’s monthly premium in addition to what you’re already paying for your Part B membership
A Medicare Supplement plan covers just one person. If you and your spouse would like to apply, then you should do so separately. You can also choose different policies, depending on your needs.
Different insurance providers can charge different rates for their Medigap plans, so be sure to shop around and compare first before deciding on a product.
The best time to buy a Medigap plan is during your Open Enrollment Period (OEP), during which you can purchase any policy from any insurance provider in your area

Open Enrollment Period

An OEP is a one-time-only period during which the federal government allows you to purchase any Medicare Supplement plan that is available in your state. This six-month window, which begins on the first day of the month you turn 65 years old, guarantees that you will not be denied of your application regardless of your past, current or projected health condition. It also means that insurance providers cannot charge you a higher monthly premium for any reason. That said, the best time to apply for a Medigap plan is when you are first eligible because you can purchase any policy and not be declined.

On the other hand, if you fail to buy during your OEP, know that there will be consequences, such as being charged a higher monthly premium because of your health condition (or other legal reasons) or rejected entirely. Some locations also have extra OEP rights embedded in their local laws, so it is best to check what is available in your state.

Lumico Life Insurance: Buying a Medigap Plan

Once you have decided which Medicare Supplement policy is right for you, here are the next steps you should take:

Fill out your application: The Lumico agent will provide the paperwork to fill out and you should fill in the information accurately and completely. The data that you give will determine if you are indeed eligible for the OEP and guaranteed issue rights. If you do qualify for OEP, then the insurer cannot ask you any questions about your health or family history, or even require you to undergo a genetic exam.
Pay for your plan. Lumico Life Insurance provides several payment options and this will be discussed during your session. Generally, you can pay for it through electronic funds transfer, money order, bank draft, or check. Make sure that payments are named towards the agency itself (not the agent).
Your policy begins. You can ask your provider to start your Medigap policy at your preferred date. In general, plans take effect on the first of the month after you apply. If you already have an existing Medicare Supplement plan, then you may request that your new policy become effective only after your previous coverage ends.
Get your policy in 30 days. If you do not receive your plan during this time, you need to call your agency to follow up. If this still does not happen and 60 days have already passed, then you may call your State Insurance Department.

Need Help?

If you are still unsure about how to apply for a Lumico Life Insurance Medicare Supplement plan, or any other policy provider for that matter, do not hesitate to get in touch with us so we can help. Our team of Medigap experts can assist during the decision-making process and make sure that you sign up for the policy that best fits your health status, preference, and budget. Contact us at 800-354-1078.

Our Mission is to Become America’s Most Respected Medicare Insurance Brokerage …