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Mutual of Omaha Medicare Supplement Company Review

Last Updated on

Mutual of Omaha Medicare Supplement Logo

 

Harvard Pilgrim

Rate Stability
Competitive Rates
Financial Stability
Coverage Area

Overall Rating

5 / 5 stars

Our Take

Harvard Pilgrim has been in the Medicare market for over 39 years. Not many can say that. We find their rates extremely competitive and their claims filing to be quick. Although they are only offered in a few states, we recommend looking into them where possible.

Get Quotes 1-888-227-6836

Mutual of Omaha Medicare Supplement Plans a Great Choice

If you grew up in the 1960’s, you might remember a television series called “The Wild Kingdom.” The show aired weekly and was hosted by Marlin Perkins. Perkins often introduced the TV commercials himself, saying his show was proudly sponsored by Mutual of Omaha, a company you can depend on.

Perhaps that brings back fond memories of the 1960s. But why is that important now, many years later as you shop for a Medicare supplement? Because Mutual of Omaha has been a strong, stable provider of Medicare supplements since the very origins of Medicare.

 

Mutual of Omaha History

The stronger your insurance company is, the better is your Medicare Supplement.

Mutual of Omaha was founded in 1909 by a medical student at the University of Creighton and his wife.  Due to the wise management of the company they were financially strong enough to survive the great depression. In fact, it was during the depression they developed the first “hospital” insurance designed to provide coverage for hospitalization, operating room, anesthesia, x-ray, and lab and physician fees. When the government enacted Medicare, Mutual of Omaha was selected to administer both Parts A & B of the program.

In 2014, they were one of the first companies to offer an online application for Medicare Supplements. Since they were an early online adopter, they have been at the forefront of technological innovation within the insurance industry. Their commitment to improving technology is based on their desire for superior customer experience. In 2018, Mutual of Omaha launched products for Medicare Advantage, Medicare Part D, and a Prescription Drug Plan.

It should be evident that the company has great financial strength and staying power. Both A.M. Best and Standard & Poor’s gave Mutual of Omaha a rating of A+. As of 2017, they were the ranked 5th largest out of 18 top life insurance companies in the US. Knowing their financial status should give you great peace of mind if you become a customer for Mutual of Omaha Medicare Supplements. Since the company is 110 years old, chances are good it will be around many more years to pay your health care bills.

 

Mutual of Omaha Medicare Supplement Plans

But you are here to learn about Mutual of Omaha’s Medicare Supplement Plans, and not just have a history lesson. So let’s go through the plans they offer. We will take you through the details of each, along with the discounts they offer. Mutual of Omaha is one of many companies we represent, so we will give you our opinion on why this can be a great choice for you.

Medicare Background

 

The Most Popular Plans

Medicare authorizes insurance companies to sell many different types of Medicare Supplemental plans. These policies are also called Medigap plans. You’ve probably seen that term before. Medigap is just another name for Medicare Supplement.

All Medicare supplement plans have alphabet letters for their name. The three most popular plans are Plan F, Plan G, and Plan N. We have those listed on order from the most expensive (F) to the least expensive of the three, (N). Let’s see what you get with each plan.

 

Mutual of Omaha Medicare Supplement Plan F

The red, white and blue Medicare card that you show your doctor’s office, and the hospital, will state you have Part A (hospital) and Part B (medical; that’s for doctor bills, medical tests, etc.). But that card does not give you 100% coverage for those bills.

Not by a long shot.

If you’ve studied how Medicare works, you know there appears to be big parts of your hospital and doctor bills that Medicare does not pay. Those unpaid parts are called “gaps.” Hence, the name Medigap insurance.

Plan F pays all of the gaps for you. In other words, as long as Medicare approves the procedure and its bill, Plan F will pick up the tab.

 

Below is a list of costs and benefits covered by Medicare Supplement Plan F:

  • Part A hospital and coinsurance costs up to an additional 356 days after Medicare benefits are exhausted
  • Medicare Part A hospice care copayment or coinsurance
  • Medicare Part B coinsurance
  • Medicare Part B excess charges
  • Medicare Part A deductible
  • Medicare Part B deductible
  • First three pints of blood used in an approved medical procedure (annually)
  • Skilled nursing facility coinsurance
  • Foreign travel emergency coverage (80%, up to plan limits)

Those comprehensive coverages are one reason Plan F is extremely popular – because it is so simple and easy to understand. There are no gaps with a Plan F.

Be aware that Plan F will no longer be available as of January 1, 2020. If you own one by then, though, you will be allowed to keep it the rest of your life, as long as you pay the plan premiums. Most people pay monthly, although others prefer to pay quarterly or annually.

Medicare A and B Card

 

Mutual of Omaha Medicare Supplement Plan G

Plan G is almost an exact match for Plan F, with one minor exception.

The plan does not pay your annual Part B deductible.

Recall that Part B on your red, white, and blue Medicare card covers doctor appointments, blood tests, X-rays, MRIs, surgery, and the like.

The annual Part B deductible in 2019 is $185. It changes a little each year, by congressional mandate.

If you own a Plan G, you will pay that small deductible out of your own pocket each year, typically during your first few doctor appointments. Other than that, all else with the Plan G is identical to the Plan F.

Simple.

And Plan G costs less than the F. This explains why so many people choose Plan G. It is cost-effective with maximum coverage.

 

Mutual of Omaha Medicare Supplement Plan N

If you are budget-conscious, then consider Mutual of Omaha’s Plan N.

Here are some questions to ask yourself to help decide whether Plan N is a good fit for you.

Ask yourself which medical bills you are most concerned about having to pay –

hospital bills or doctor bills?

Hospital bills, of course. They are much larger than bills for typical doctor appointments, blood tests, X-rays and the like.

Here’s the good news.

Plan N has the same hospital coverage as Plans F and G. Plan N will pay your hospital deductibles and co-pays the same as the two “better plans, F and G.”

So what is the difference?

With a Plan N, you will have to pay out of your pocket some co-pays:

  • The annual Part B deductible, presently $185 per year.
  • A copay for each doctor visit, up to $20 per visit.
  • $50 copay per emergency room visit, unless the ER visit leads directly to a hospital stay. In that case, you pay zero for the ER visit.
  • All Part B “Excess Charges.” This means some doctors can charge you an extra 115% of their Medicare-approved bill. You can avoid those charges by only using doctors who are on “Medicare Assignment.” If you are not sure, ask your doctor’s office in advance if they charge the extra 115%.

If you are a person who has frequent doctor visits, or past serious illnesses that could return or compromise your health, Plan N is not for you.

Medicare Supplement in Use

 

So with those costs, why do people choose Plan N. Many people feel comfortable paying less for their insurance and then being responsible for a few co-pays throughout the year. Especially if they are healthy individuals, they recognize they won’t need so much coverage, so it’s unnecessary to buy too much coverage.  

 

Mutual of Omaha Medicare Supplement Prices

For all Medicare Supplement products, pricing will vary depending on the state where you live and the company you choose.

Here is an example of rates from the state of Virginia, which is a good average pricing example in the United States.

The below rates are from ZIP code 20120 in Centreville, VA for females age 65. Rates vary based on ZIP code, gender, age and, in some areas, health. A 12% household discount applies to Virginia.

  • Plan A: $94.12
  • Plan F: $147.32
  • Plan G: $98.98
  • Plan N: $79.06

It is important to keep in mind that all Medicare supplements are federally standardized. This means they must cover the same exact benefits, makes shopping around a critical step in the decision process for Medicare supplements. Because of this, be sure to check out the other important factors that should be driving your Medicare supplement decision.

 

Special Discounts From Mutual of Omaha

 

Another reason we offer Mutual of Omaha Medicare Supplements is the company’s very generous household discount.

When two people who live in the same household buy their Medicare Supplements from Mutual of Omaha, the company will take 12% off their price. That kind of savings really adds up over the years. We all think saving money is great.  But so is dealing with a strong company that “you can depend on.” So how do you decide exactly which Medicare supplement is best for you? Let’s find out. It’s really quite simple.

 

Why Choose Mutual Of Omaha?

  • Company Longevity: Not only has the company been around since 1909, but they have also been serving the Medicare marketplace since inception.
  • Competitively Priced: Throughout the United States, they are a competitive option for most customers.
  • Superior Technology: Their online processing of claims is outstanding and simple to use. 90% of all applicants are provided a rate for their plans because their online application is fast and intuitive.
  • Fast: They typically put approved policies in place within 4 days of applications being submitted. Some can be approved within in a half hour if done electronically.
  • Mutual Organization: Mutual of Omaha is a mutual and not a stock company. Because of this structure, they are accountable to their policyholders and not Wall Street. This explains their customer commitment
  • Broad Network: You can visit any doctor or hospital that takes Medicare, and you won’t have to see a primary doctor for a referral to book an appointment with a specialist.
  • High Satisfaction Ratings: Recent consumer surveys show that 94% of all Mutual of Omaha customers were satisfied with their supplement coverage. 90% would recommend Mutual of Omaha to a friend or family member.
  • Other Products: Beyond Medicare Supplements, Mutual of Omaha offers prescription drug coverage as well as dental plans. You can add those to whichever plan you choose and improve your overall coverage package.

Medicare-Supplement-Heart

 

Our Opinion of Mutual of Omaha? It’s Very Good!

Mutual of Omaha is a Fortune 500 company. It has great ratings from A.M. Best and Standard & Poors. And for brand name recognition, the Wild Kingdom TV series established that among baby boomers as they were growing up. As for experience in the Medicare supplemental business, Mutual of Omaha has been it for decades.

As a Medicare specialist, they are one of the easiest companies we work with, and satisfaction is high with all customers we place with Mutual of Omaha.

 

Learn More – It’s Easy – No Sales Pressure (Promised)

Medicare insurance is an important purchase, and we understand that. Because it can be confusing, we are here to help you compare companies and get the best value for your insurance dollar. You will get all your questions answered in clear, plain language you can easily understand.

As soon as you turn 65 and opt-in to Medicare the clock starts the decision making for a Medicare Supplement plan. It is time-consuming and often confusing to go through multiple options. Let us help you through the comparison process to find the best possible product.

Call us, and we’ll talk over your situation, go over all of the plans that you want to discuss, help you choose the best one for your situation, and then enroll you in it – all in one easy step!

Mutual of Omaha is just one company we represent among many. While we believe Mutual of Omaha is a great choice it may not be the best for you. We can go through your situation and help you find the plan and company to create the best value for you.

You also get service after the sale. Then one of our agents assigned to you, a person you can call directly anytime for help. Call us today!

Contact us today

1-888-227-6836

Harvard Pilgrim

Rate Stability
Competitive Rates
Financial Stability
Coverage Area

Overall Rating

5 / 5 stars

Our Take

Harvard Pilgrim has been in the Medicare market for over 39 years. Not many can say that. We find their rates extremely competitive and their claims filing to be quick. Although they are only offered in a few states, we recommend looking into them where possible.

Get Quotes 1-888-227-6836

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