Mutual of Omaha Medicare Supplement Review
Mutual of Omaha Insurance Company offers Medicare Supplement Insurance in most states. Popular Medigap policies include Plans F, G, N, and high-deductible plans. Company reviews are positive overall, but some customers complain about rate increases.
Key Features of Mutual of Omaha Medicare Supplement Plans
- Mutual of Omaha aims to reduce out-of-pocket costs to make health care more affordable.
- Eliminating or minimizing deductibles, coinsurance, and copayments can also simplify your health care.
- Policies offered in most states, but not all ten standardized plans are offered.
- Vision discounts (EyeMed)
- Hearing discounts (Amplifon)
- Discounts for wellness (Mutually Well)
Mutual of Omaha Pros & Cons
-
Pros: Positive Reviews
BBB rated Mutual of Omaha Insurance Company an A+.
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.
-
Cons: Rate Increase History
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.
-
Superior Ratings
Mutual of Omaha Group in the top 25 insurance companies for 2021, with a cumulative market share of 74.7%.
AM Best confirmed their 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 $226 per year (2023 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 |
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.
FAQ's
- How Do I Enroll in a Mutual of Omaha Medicare Supplement Plan?
- Does Mutual of Omaha Offer Silversneakers?
- Does Mutual of Omaha Have a Medicare Advantage Plan?
- Do They Offer Prescription Drug Plans?
Ready to Learn More?
Choosing the right Medicare Plan is not a decision that should be taken lightly. With Policy Guide’s assistance, you will have access to the knowledge and expertise of professional agents who can help you compare different health plans, prices, and policies to ensure that you make an informed decision. Let us guide you through this process, so that your chosen plan best suits your needs.
Article Resources