Mutual of Omaha Medicare Supplement Review

Key elements to look for when evaluating Mutual of Omaha Medicare Supplement Insurance are options, costs, enrollment, and customer feedback.

Mutual of Omaha Insurance Company, headquartered in Omaha, Nebraska, offers Medicare Supplement Insurance in most states. Popular Medigap policies include Plans F, G, N, and high-deductible plans. In addition, where add-on programs are applicable, the Mutual of Omaha Medigap plan offers discounts for wellness (Mutually Well), hearing (Amplifon), and vision (EyeMed). Company reviews are positive overall, but some customers complain about rate increases.

Mutual of Omaha Pro's & Con's

  • Pro's: Positive Reviews

    The Better Business Bureau awarded the Mutual of Omaha Insurance Company an A+ rating in most locations. In addition, the insurance carrier boasts an overall 4.5-star rating with high marks in confidence and satisfaction.

    The National Association of Insurance Commissioners (NAIC) reports a company complaint index of 1.49 with a reference point of 1.0 as the baseline. The index signifies that Mutual Omaha complaints are higher than expected in the Medicare supplement market. In 2020, the index was .95, up from .55 in 2019, so complaints have increased.

  • Con's: Rate Increase History

    There are several rating approaches an insurance company can implement. For example, the exact rate can apply to all policyholders or vary based on age. For example, Mutual of Omaha Medicare Supplement plan uses an attained-age approach so that you can expect a premium hike with each birthday. While this method is not uncommon, Market-watch remarked on customer complaints about higher-than-average rate increases.

    Premiums vary by location, and some states do not allow attained-age pricing. Check with your state insurance department to determine if increasing age may impact your monthly premium. Remember that rates can increase for other reasons also, such as inflation.

  • Superior Ratings

    The NAIC included Mutual of Omaha Group in the top 25 insurance companies for 2021, with a cumulative market share of 74.7%. In February 2022, AM Best confirmed the insurance company’s financial strength and long-term issue credit as superior. This speaks well of Mutual of Omaha Group’s creditworthiness, stability, strong operating performance, and “leading market position in Medicare Supplement” products.

Coverage and Plan Benefit Features

Mutual of Omaha Insurance Company cites Plans F, G, and N as their most popular supplemental health care insurance plans. These plans offer considerably more benefits than the most basic Medigap policy, Plan A.

  • Medicare Supplement Plan F

    Medicare Supplement Plan F was the most popular plan for new Medicare recipients until January 1, 2020, when federal legislation ended Plan F and Plan C for newly eligible beneficiaries. However, if you were eligible for Medicare coverage before the phase-out date, you could still purchase one of these plans if available in your state.

    Plan F coverage includes:

    • Complete coverage of approved hospital costs up to 365 days after you exhaust your Medicare Part A benefits through Original Medicare, including coinsurance from day one
    • Medicare Part B copays and Part B coinsurance, which includes doctor visits
    • First three pints of blood (not covered by Original Medicare)
    • Medicare Part A hospice copays and coinsurance
    • Skilled nursing facility (SNF) coinsurance
    • Medicare Part A deductible and Part B deductible
    • Part B excess charges
    • Foreign travel emergency (80% of covered out-of-pocket costs up to the plan limit)
  • Medicare Supplement Plan G

    If you want the benefits provided in Plan F but are not eligible, Medicare Supplement Plan G maybe your health insurance solution. With Plan G, you have to cover the Part B deductible out of pocket, but you will generally get a lower premium than Plan F. With an outlay of $233 per year (2022 Part B deductible), you may choose Plan G even if you are eligible for Plan F.

    Difference between Plan F and Plan G:

    Part B deductible coverage

  • Medicare Supplement Plan N

    Plan N covers the same benefits as Plan G with these exceptions:

    • Part B excess charges are not covered.
    • Doctor visits requiring copays call for out-of-pocket costs of $20 per visit.
    • Emergency room visits not leading to inpatient admission require $50 copays.

Costs

Medigap Plan Premium Gender/Age State
Plan F $195.09 Male age 70 TX
Plan G $105.62 Female age 65 OH
Plan N $91.46 Female age 65 PA
High G n/a n/a FL
Plan A $185.93 Male age 65 CA
Rates are subject to Medicare Part B start date and or medical underwriting.

The cost of a Mutual of Omaha Medicare Supplement plan is influenced by:

  • State regulations (Some states do not allow age to factor into the rates.)
  • The type of Medigap plan you buy
  • Your location, specific to your zip code
  • Gender
  • Eligibility for a household discount, allowable in some states

Enrollment outside the Medigap Open Enrollment Period also plays a role in the cost. Your Medigap Open Enrollment Period is based on when you turn 65 and sign up for Medicare Part B. The annual Open Enrollment (October 15 to December 7) does not apply to Medicare Supplement Insurance enrollees. If you miss the Medigap Open Enrollment Period, which begins on the first of your birthday month and ends six months later, the underwriting team can impose higher pricing based on your health conditions.

Ready to learn more?

To continue your Mutual of Omaha Medicare Supplement review, call one of our licensed insurance agents to identify plans available in your area. Once you confirm your access to Mutual of Omaha Medicare Supplement insurance, compare the plans available based on your healthcare needs, budget, and personal preferences. Finding the right plan is about getting the benefits you need now and the coverage you expect to need in the future.

FAQ's

  • How Do I Enroll in a Mutual of Omaha Medicare Supplement Plan?

    To prepare for enrollment in a Mutual of Omaha Medigap plan, discussing your health care needs and preferences with a licensed insurance agent may be helpful. Ensure your Medicare card is handy, as you need proof of Part B Medicare coverage. If you are signing up after the Medigap Open Enrollment Period, be ready to explain health conditions that may impact pricing. Your agent can then walk you through the application process.

    Depending on where you live, you may purchase your Mutual of Omaha Medicare Supplement Insurance through an affiliate of the Mutual of Omaha Insurance Company, such as Omaha Supplemental Insurance Company or Omaha Insurance Company.

  • Does Mutual of Omaha offer SilverSneakers?

    Mutual of Omaha does not offer SilverSneakers, but the insurer does have a health and fitness program named Mutually Well. When you register for Mutually Well, you gain access to discounts on wellness products, nutrition information, and gym memberships.

  • Does Mutual of Omaha have a Medicare Advantage plan?

    Until 2020, the insurance company offered Medicare Advantage (Medicare Part C) but no longer. If you are a Medicare Advantage (MA) member, you must drop your MA plan and return to Original Medicare if you want Medicare Supplement Insurance. Use of Medicare Supplement Insurance plans to cover MA out-of-pocket costs is prohibited, so having both plans is neither an option nor a benefit.

  • Do they offer prescription drug plans?

    Medicare Supplement Insurance does not include Medicare Part D, but beneficiaries can purchase Part D from Mutual of Omaha. These are separate insurance policies requiring a monthly premium and deductible, and some drug purchases may require coinsurance payments or copays.

    It’s a good idea to check the plan’s formulary, an approved drug list, to confirm the medications you need are included. Review the list before you enroll, and look for formulary updates annually.