A Comprehensive Medicare Analysis: Mutual of Omaha Medicare Supplement Insurance
Mutual of Omaha History in the Medicare Industry
The stronger your insurance company is, the better your Medicare Supplement.
If you grew up in the 1960s, 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. The Mutual of Omaha Logo featuring a Native American chief in a full headdress was instantly recognizable. It connected the company with a sense of leadership and a love of the environment.
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. Because of this history, it’s no surprise Mutual of Omaha as a health insurance leader, entered the supplement market. When the government enacted Medicare, Mutual of Omaha was selected to administer both Parts A & B of the program.
In 2014, it was one of the first companies to offer an online application for Medicare supplements. Because Mutual of Omaha was an early online adopter, it has 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.
**Note that Medicare Advantage plans are no longer available from Mutual of Omaha. Despite a fair advantage plans review, 2020 saw the sale of this small chunk of the company, with its 2,500 policies, to Essence Healthcare.
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 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 of 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.
Often older insurance companies are slow to change and adapt to customer needs–not Mutual of Omaha. CIO magazine recently highlighted their commitment to being highly responsive to their customer needs:
“Mutual of Omaha is listening to our customers and changing along with them. The bottom line is — we need to respond as fast as we can, both to customer expectations and to compete in the marketplace.” 2
Omaha Supplemental Insurance Company(OSIC) Medicare Supplement, underwritten by Omaha Insurance Company, is the brand new subsidiary of Mutual of Omaha Medicare Supplement plans.
It is also the parent business of United of Omaha, which it uses to market life insurance-related goods and services. Life insurance options from the subsidiary firm include term, guaranteed whole, and universal coverage. The guaranteed whole life policy, which offers some of the most affordable prices on the market, is the company’s greatest product.
Mutual of Omaha Medicare Supplement Plans
Let’s go through the Medicare supplemental insurance plans offered by Mutual of Omaha. We will take you through the details of each, along with the discounts they offer. We’ll let you know why we think Mutual of Omaha’s plans can be a great choice.
The three most popular plans are Plan F, Plan G, and Plan N. We have those listed in 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 Plans where they are most competitive for the price?
The most competitive states with supplement insurance plans are Washington, Oregon, California, Nevada, Arizona, Montana, Wyoming, Arizona, New Mexico, North Dakota, South Dakota, Kansas, Oklahoma, Texas, Arkansas, Louisana, Mississippi, Alabama, Georgia, Florida, Illinois, Wisconson, Michigan, Virginia, Connecticut, New Jersey, Delaware, Idaho, and Maine. If you live in these states you should strongly consider a policy with Mutual of Omaha.
They are less competitive in Utah, Colorado, Minnesota, New York, Vermont, and Massachusetts. Learn what we would recommend for carriers in those states by reading all of our carrier reviews. Also, new prices can be released at any point during the year. Mutual of Omaha may become the most competitive in some of these states. So check in with us to see if this has changed since this article was written at 1-888-559-0103.
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 are big parts of your hospital and doctor bills that Medicare does not pay. Those unpaid parts are called “gaps.” Hence, the name Medigap insurance.
Mutual of Omaha’s Medicare Supplement Plan F pays for 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.
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)
These 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, 2021. If you own one by then, though, you will be allowed to keep it for 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.
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 changes a little each year, by congressional mandate.
If you own a Mutual of Omaha’s Medicare Supplement 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 Plan G is identical to Plan F.
And Plan G costs less than F. This explains why so many people choose Mutual of Omaha 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. In fact, Mutual of Omaha is most known for its competitive Plan N prices. Their most stable Medicare supplement offering.
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?
Out-of-your-pocket co-pays with Plan N:
- The annual Part B deductible is $233 per year. Just like Plan G.
- A copay for each doctor visit, up to $20 per visit. Unlike Plan G and F.
- $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. Unlike Plan G and F.
- 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%. This doesn’t apply in a few states, such as Connecticut, Massachusetts, Minnesota, New York, Ohio, Pennslyvania, Rhode Island, and Vermont.
If you make frequent doctor visits or have past serious illnesses that could return or compromise your health, Plan N is not for you.
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 Pricing
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 Mutual of Omaha Medicare supplement rates from the state of Virginia, which is a good average pricing example in the United States.
The following rates are from ZIP code 20120 in Centreville, VA for females aged 65. Rates vary based on ZIP code, gender, age, and, in some areas, health. A 12% household discount applies to Virginia.
- Plan HDG: $33.12
- Plan F: $115.33 (only if grandfathered in)
- Plan G: $91.37
- Plan N: $69.23
Rates may have been subject to change since this was illustrated. A point to note is also, age affects the pricing of these Mutual of Omaha Medicare Supplement policies. It is important to keep in mind that all Medicare supplements are federally standardized. This means they must cover the same exact benefits and 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.
Check out these cool, cost-effective third-party discounts offered by Mutual of Ohama (discounts not available in all states and not considered insurance.):
Mutually Well Fitness and Wellness Program
- Flexible, affordable workout program with access to 10,000+ fitness venues and no enrollment fee or contracts.
- Enjoy discounts of up to 30% on healthy living products and services from 20,000+ specialists.
- Free mobile app for choosing a fitness objective, getting a weekly schedule with daily guidelines and videos for exercising online, relaxing techniques, and nutritious meals.
Amplifon Hearing Health Care Discount Program
- Save money on diagnostic and hearing exams.
- Two years of batteries or a charging station to keep hearing aids powered a 60-day risk-free trial period, and a low-price guarantee.
EyeMed Vision Care Discount Program
- When visiting an in-network EyeMed provider, you can get $50 eye exams and save 40% on frames up to $140.
- You can also get discounted pricing on lenses and other services.
- Receive discounts on routine vision services like exams and eyewear from a network that includes independent providers and the country’s top optical retailers.
Aloe Care Health
- Leading supplier of voice-activated, in-home medical alert and communication devices for senior citizens
- Access to a 24-hour emergency response center;
- Real-time updates are sent to families using a safe app
- $20 off your first purchase.
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 its 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 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. Receive a 15% discount on a dental plan if you enroll in a Medicare Supplement plan (not available in WA, NY, and MA.) You can add those to whichever plan you choose and improve your overall coverage package.
What is the Best Medicare Supplement Plan?
The best Medicare supplement plan is one that meets your needs. Medicare authorizes insurance companies to sell many different types of Medicare supplemental plans. These policies are also called Medigap plans. A company will sometimes even use a variation of the term such as Mutual of Omaha supplement insurance.
Understanding Medigap or Medicare Supplement.
All Medicare supplement plans have alphabet letters for their name. Understanding supplements can be confusing, the US government has created a 120 booklet to help you understand it. 1. We know supplement insurance plans are confusing and overwhelming. Thankfully most companies like Mutual of Omaha offer a limited number of plans, which helps when making a decision.
Third-Party Ratings for Mutual of Ohama
A strong foundation for financial investment and customer satisfaction are the two cornerstones of a life insurance company’s dependability. We take into account the Medicare supplement review and analysis by industry experts when it comes to evaluating the company against these two terms of a broad spectrum.
Mutual of Omaha receives the second-highest financial stability rating from the rating company AM Best, an A+, indicating that the company is “outstanding” at meeting its contractual insurance responsibilities, such as paying claims.
Since 1899, AM Best has assigned letter grades ranging from A++ to D to life insurance businesses based on their financial stability. The 2021 J.D. Power Individual Life Insurance Study places Mutual of Omaha fifth out of 21 large life insurance firms in terms of client satisfaction. Mutual of Omaha received 795 out of a potential 1,000 points.
General Public Review
According to the National Association of Insurance Commissioners, Mutual of Omaha received almost the same amount of complaints that one might anticipate, given its market share (NAIC).
To enable customers to compare the volume of complaints received by businesses of various sizes, the organization publishes a complaint index. Because it has more clients, a very large corporation, for instance, is likely to get more complaints than a smaller one. However, it doesn’t necessarily follow that those clients are less content. When comparing the complaint histories of various-sized businesses, the NAIC complaint index effectively takes size out of the picture.
An organization’s index would be 1.0 if it got the typical number of complaints for its size. A complaint index below one indicates that the business received fewer complaints than anticipated. The better is a lower number and thus indicating a better supplement plans review.
Our three-year investigation into Mutual of Omaha’s NAIC complaint index yielded an average complaint index of 1.067. That’s not terrible, but it falls short on some parameters against the current competitors. Check for yourself if you can take the extent of the effect of these parameters on your insurance policy.
How to Know if Mutual of Omaha Meets my Needs?
Depending on your needs, you may decide if Mutual of Omaha is the ideal life insurance provider for you. One of the few possibilities if you’re looking for a disability income rider or ROP term coverage is Mutual of Omaha. Given that it receives high marks for both financial stability and customer satisfaction, this company is probably a great pick.
Additionally, the company is absolutely worth looking at if you’re looking for an IUL, UL, or guaranteed issue whole life policy. However, you’ll or may not search elsewhere if you want VUL coverage or a conventional whole-life policy. Additionally, you should search for another carrier that has an “accelerated” underwriting procedure if you prefer no-exam options that are as affordable as insurance that demand an exam.
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 at it for decades.
As a Medicare specialist, it is 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, the experts at Medicare Nationwide 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 is assigned to you, a person you can call directly anytime for help. Call us today!
Prefer to chat by phone? Give us a call at 1-888-559-0103.