Mutual of Omaha logo

Mutual of Omaha Medicare Supplement Plan Review

Editor's Rating:

4.6 / 5
Mutual of Omaha logo

Did you know that original Medicare only covers about 80 percent of healthcare costs? And as you could probably imagine, the remaining 20 percent can really make a dent in your wallet, especially if you are on a fixed income or pension. This is why it’s important you register for a Medicare Supplement plan or Medigap. Unfortunately, choosing the right plan is by no means a simple activity, considering all the options available in the market.

Lucky for you, I have done a ton of research on Mutual of Omaha, an insurance company with superb customer service and an excellent range of Medicare Supplement plans. In this rundown, I’ll help you understand their Medigap plan options, the related costs, and how the provider compares to other competitors.

Mutual of Omaha Company Background

Who exactly is Mutual of Omaha? This Nebraska-based insurance and financial services company was founded in 1909, and it offers products such as Medicare Supplement insurance, life insurance, group life, and disability insurance, and 401k. The company is authorized to sell insurance in all 50 states of the USA, plus the District of Columbia. Being one of the pioneers to offer Medicare supplement plans (since 1966), this company has an extensive network of providers. And it is completely dedicated to making sure older adults’ out-of-pocket expenses are covered in full. It’s no wonder 10 percent of Medicare beneficiaries subscribe to Mutual of Omaha’s Medigap plans.

Mutual of Omaha Medicare Supplement Plans

Mutual of Omaha offers 10 standard plans including Plans A, F, G, N, C, and D with indicative premiums ranging from $39.08 a month to over $242.68 a month. Extra services that come with the subscription are access to 10,000+ fitness facilities across the U.S.A, discounts on wellness products, and a mobile app for personalized exercise and nutritional recommendations.

Pro Tip: Get a 12 percent discount if your household has someone over the age of 60, even if they are not a Mutual of Omaha policyholder.

Which Mutual of Omaha Medigap Plan Is Right For You?

The ultimate goal of Medigap plans is to boost your Original Medicare coverage. Each plan is suited to a different need and budget. Therefore, older adults need to assess their health and expected healthcare costs before choosing a Medigap plan. Here are the Medigap policies available through Mutual of Omaha, including a list of their benefits and costs.

Mutual of Omaha Medicare Supplement Plans

Plan F Plan F High Deductible Plan G Plan G High Deductible Plan N Plan A Plan C Plan D
Ideal For Older adults who expect to use the Medigap plan quite a lot due to high healthcare costs. Older adults who don’t expect to use the Medigap plan too much, so are ok with high deductibles. Older adults who are comfortable paying a small deductible for doctor’s visits, but need inpatient procedures to be covered. Older adults who are ok paying a significantly higher deductible per year before the coverage comes into play, in exchange for a lower premium. Older adults who are ok with co-payments, to keep the monthly premium at a reasonable amount. Older adults want just the basic coverage benefits over their Original Medicare. Older adults who want both deductibles to be covered at a lower premium Older adults who want all the basic costs and part A deductible to be covered.
Estimated Monthly Premium* $242.68 $49.23 $147.15 $39.08 $115.61 $97.85 $195.05 $184.16
High Deductible ($2340 in 2020) No Yes No Yes No No No No
Medicare Part A (Deductible) Yes Yes Yes Yes Yes No Yes Yes
Medicare Part A (Coinsurance and Coverage for Hospital Benefits) Yes Yes Yes Yes Yes Yes Yes Yes
Skilled Nursing Facility Care (Coinsurance) Yes Yes Yes Yes Yes No Yes Yes
Hospice Care (Coinsurance or Copayment) Yes Yes Yes Yes Yes Yes Yes Yes
Blood (first 3 pints) Yes Yes Yes Yes Yes Yes Yes Yes
Medicare Part B (Deductible) Yes Yes No No No No Yes No
Medicare Part B (Coinsurance or Copayment) Yes Yes Yes Yes Co-pay Chargeable Yes Yes Yes
Medicare Part B (Excess Charges) Yes Yes Yes Yes No No No No
Foreign Travel Emergency Yes Yes Yes Yes Yes No Yes Yes

*The shown monthly premium estimates are based on a customer who is a 65-year-old male living in Anchorage, Alaska.

Did You Know: Medigap premiums tend to be higher in bigger cities. They also increase with the age of the subscriber.

Applying For a Mutual of Omaha Medigap Plan

Any US citizen over the age of 65 can apply for Mutual of Omaha Medigap Plans, as long as they are already enrolled into Medicare Parts A and B. If you apply during open enrollment season (six months from the month you turn 65 and are enrolled in Medicare), you are guaranteed access to Medigap even if you have a pre-existing condition.

Having heard rave reviews about Mutual of Omaha and its offerings, I wanted to personally check out how easy it is to enroll in one of the Medigap plans. So I went onto their website and entered the gender, zip code, and birthday of a fictitious older adult. Immediately, I was presented with eight plan options.

After going through the options, I decided that the best way to thoroughly understand the plans would be to involve an insurance agent. It was a good call, as these insurance brokers seemed to know how to match me to the right plan, based on my needs and lifestyle. If you also feel like the extra assistance can help you navigate this confusing purchase, then I’d suggest calling Mutual of Omaha’s call center or request for a call-back via the website.

Mutual of Omaha Medigap Alternatives

Not satisfied with what Mutual of Omaha has on offer? I would suggest shopping around a bit more. You may want to check out our list of the best Medigap insurance providers. Here is a snapshot of three providers that provide solid alternatives to Mutual of Omaha:

  • Cigna: This company’s Medigap plans A, F, G, and N can be purchased at a discount if someone else in the household is also enrolled in one of their plans. Members also gain access to savings on health and wellness programs.
  • State Farm Medicare Supplement Insurance: With Plans A, C, D, F, G, and N on offer, State Farm helps you save on monthly premiums by allowing applicants to bundle different types of insurance.
  • Anthem Medicare Supplement Coverage: This insurance provider sells plans A, F, G, and N. They also have the best-in-class mobile app for older adults who would like to track their Medigap policies and manage insurance accounts from anywhere.

In Closing

One of the best ways for older adults to steer clear of medical debt is to enroll in a Medigap program from established private insurance providers such as Mutual of Omaha. Having been in the industry for about a century, Mutual of Omaha has a reputation for top-notch coverage and friendly customer service. You get to easily choose the plan that fits your requirement, via Mutual of Omaha’s website or brokers.

Be warned that the company does have a history of frequently raising premiums, though the changes cannot be hiked in the middle of a year. With that said, I thought Mutual of Omaha’s Medigap enrollment process was really smooth. Also, I wouldn’t mind paying the extra penny knowing that my healthcare claims will be processed quickly

Mutual of Omaha Frequently Asked Questions

  • Does Mutual of Omaha have Medigap plans?

    Mutual of Omaha offers 10 standard plans including A, F, G, B, K, L, N, M, C, and D across 48 states. Wisconsin, Massachusetts, and Minnesota have their own plans.

  • How do I qualify for a Medigap plan?

    To qualify for the Medigap plan, you need to be enrolled in Medicare Parts A and Part B.

  • Is it better to have Medicare Advantage or Medigap?

    While both are add-ons to Medicare, Medicare Advantage is ideal for those who are okay paying lower premiums for less coverage, network restrictions, and no coverage for copays and coinsurance. On the other hand, Medigap is a standardized set of plans that are ideal for older adults who prefer to pay higher premiums to avoid paying Medicare-approved expenses that Medicare doesn’t cover. Also, these plans don’t pose any network restrictions and are guaranteed renewable.

  • How can I switch between Medigap plans?

    Legally, you are not allowed to switch between Medigap plans unless it’s during the six-month open enrollment period or in case of special circumstances. That’s why it’s important that you do thorough research before buying a policy.

  • What if I have a pre-existing condition?

    If you decide to enroll in a Medigap policy within the open enrollment period, you cannot be denied coverage even if you have pre-existing conditions. This six-month period starts from the month you turn 65 and get enrolled into Medicare Part B. If you apply after this period, the insurer reserves the right to reject your application or increase your premium.