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Mutual of Omaha Medicare plans are affordable, and come with comprehensive benefits. This guide will walk you through the specifics of their plans.

By Joseph Arroyo
Updated June 16, 2020

Key Takeaways:

  • Mutual of Omaha Medicare Supplement insurance plans do not come with extra benefits beyond the standardized plans. This can work in your favor since their premiums are among the lowest in the industry.

  • Along with your monthly Medigap premium, you must continue paying your Part B premium. Since Medigap plans don't cover prescription drugs, you'll also need to pay for a Part D prescription drug plan.

  • Medicare Advantage plans come with extra benefits that vary by state, including basic dental coverage at no extra cost, SilverSneakers gym memberships, some vision coverage, and transportation to and from medical appointments.

Finding a trusted insurance company for your Medicare needs can be a daunting task. A Mutual of Omaha Medicare plan may be just what you're looking for. Beginning with a single medical student in Omaha, Nebraska in 1909, Mutual of Omaha has grown to be a Fortune 500 company.

Mutual of Omaha specializes in supplemental benefits, and their Medicare plans are well regarded. They offer both Medicare Supplement insurance and Medicare Advantage plans.

Mutual of Omaha Medicare Supplement Insurance

Medicare Supplement insurance, also known as Medigap, is designed to pay for some or all of the costs that you would normally incur with Original Medicare. Medigap works with Original Medicare, and you can't have Medicare Supplement insurance without also being enrolled in Part A and B. With Medigap plans, you can see any doctor in the nation that accepts Medicare patients.

Mutual of Omaha offers plenty of plan options with benefits like:

  • Lower out-of-pocket expenses: Medicare Supplement plans cover the costs that Original Medicare isn't able to like copays, coinsurance, and deductibles.

  • You can see any doctor without a referral: This includes specialists, provided they accept.

  • You can use your plan anywhere Medicare is accepted: Included in this anywhere outside the state you live and even outside of the country.

  • Your plan can never be canceled: If you pay your premiums, you will continue to receive coverage and you can't be denied based on any pre-existing health conditions.

Medicare Supplement Eligibility

To enroll in Medigap, you must be eligible for, and enrolled in both Part A and B of Original Medicare. Some states require you to be age 65 or older, even if you have Medicare coverage at an earlier age.

Everyone has a guaranteed right to enroll in Medicare Supplement insurance during the Medigap Open Enrollment Period. This six-month window opens the month you are (1) 65 or older and (2) enrolled in Part B.

If you wait to enroll in Medigap, your acceptance is not guaranteed, and you could pay a higher premium than if you had enrolled during your six-month Guaranteed Issue period. This is the best time to enroll in Medigap.

Mutual Of Omaha Medigap Coverage

Medicare Supplement insurance policies are issued in standardized plans. There are 10 standardized plans available: A, B, C, D, F, G, K, L, M and N. Each of these plans offer slightly different coverage of the Original Medicare coverage gaps.

Benefits Plan A Plan B Plan C Plan D Plan F Plan G Plan K Plan L Plan M Plan N
Part A Coinsurance And Copay 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Part B Coinsurance And Copay 100% 100% 100% 100% 100% 100% 50% 75% 100% 100%
Part A Deductible 100% 100% 100% 100% 100% 50% 75% 50% 100%
Part B Deductible 100% 100%
Blood (First 3 Pints Per Year) 100% 100% 100% 100% 100% 100% 50% 75% 100% 100%
Part B Excess Charges 100% 100%
Foreign Travel Emergency 80% 80% 80% 80% 80% 80%

Plan K offers the least coverage. Even though Plan K only covers 50% of many of your expenses, it still limits your annual out-of-pocket costs to a maximum of $5,880.

At the other end of the spectrum, Plan F provides total coverage; it pays 100% of every gap in Original Medicare. However, Plan F (and Plan C) are not available to new Medigap enrollees after January 1, 2020. Plan G is the most similar plan to Plan F, covering all the gaps except the Part B deductible ($198 for 2020).

Mutual Of Omaha Medicare Supplement Plan Costs

As a private insurer, Mutual of Omaha sets its own premiums for its plans. Medigap premiums are dependent on the standardized plan chosen. The more comprehensive the plan, the higher you can expect the premium to be. So, plan F costs more than plan K.

Mutual of Omaha Medicare Supplement insurance plans do not come with extra benefits — benefits beyond the standardized plans. This can be a blessing since the premiums are among the lowest in the industry.

In addition to your monthly Medigap premium, you also must continue paying your Part B premium. Since Medigap plans don't cover prescription drugs, you'll also need to pay for a Part D prescription drug plan.

Mutual Of Omaha Medicare Advantage Plans

Medicare Advantage plans work differently than Medigap. Whereas Medigap supplements Original Medicare, Medicare Advantage replaces it. When you enroll in a Medicare Advantage plan, also known as Part C, you are no longer in Original Medicare.

Medicare Advantage plans have consumer protections built in. They are required to provide benefits that are at least as good as Original Medicare. Most Part C plans offer benefits that are more valuable than Original Medicare, so you don't have to worry about receiving inferior coverage with Part C.

Medicare Advantage plans must also have a hard out-of-pocket cap on yearly expenses. With the cap on your annual out-of-pocket costs, you can have confidence that your medical expenses won't get out of hand if you have poor health in a year (or years).

Mutual of Omaha Medicare Advantage Coverage

Medicare Advantage plans work like the health insurance you probably got from your employer, or gave to your employees if you owned a business. Unlike Medigap, which simply pays for the gaps in Original Medicare, Part C plans have small copayments and coinsurance for medical services.

You will find that the copayments and coinsurance amounts are generally lower than with Original Medicare. They are also much less than current private health insurance costs.

Instead of paying the full Part A deductible if you're hospitalized, you'll pay a smaller copayment for each day you're admitted. In this way, short hospital stays will cost you less out of pocket than under Original Medicare.

The same goes for Part B services. You'll pay a small copayment to see the doctor, or have blood drawn, rather than 20% of the total bill like you would with Original Medicare. Even outpatient surgeries have either a copayment, or a low coinsurance amount.

Keep in mind that each copayment or coinsurance amount counts toward your out-of-pocket maximum for the year. You are protected against catastrophic medical bills due to a severe illness or long hospital stays.

Medicare Advantage and Prescription Drug Coverage

Many Medicare Advantage plans provide drug coverage. This coverage is included in the plan premium, if there is one. Medicare Advantage plans that have built-in drug coverage are called MAPD plans. MAPD plans meet the requirement for drug coverage under Part D of Medicare.

The drug portion of your Medicare Advantage plan may have a separate deductible from the medical part of your plan. Also, the copayments or coinsurance amounts are different. Drug costs do not have an annual out-of-pocket maximum.

Extra Benefits of Mutual of Omaha Medicare Advantage Plans

Many people on Medicare choose Medicare Advantage plans because of the extra benefits they provide. These are benefits that Original Medicare, Parts A and B, doesn't offer. Extra benefits can vary by state, but may include:

  • Basic dental coverage at no extra cost

  • SilverSneakers gym memberships

  • Vision coverage: Exams, glasses and contact lenses

  • Transportation to and from medical appointments

  • Quarterly allowance to purchase over-the-counter supplies like bandages and vitamins

Mutual of Omaha Medicare Advantage Plan Eligibility

To be eligible for a Medicare Advantage plan, you must be enrolled in both Part A and B of Original Medicare. Unlike Medigap, Medicare Advantage doesn't have a minimum age requirement, so if you enter Medicare before age 65, you can enroll in a Part C plan.

Medicare Advantage plans do have one limit on eligibility. You may not be able to enroll in one if you have end-stage renal disease (ESRD). Note that this applies only if you have ESRD before you enroll; your coverage is not affected if you develop ESRD while you're in Part C.

Some Medicare Advantage plans, known as C-SNPs (Chronic Special Needs plans) are actually designed for people with ESRD. If one is available in your area, you can enroll in it even if you already have ESRD.

Mutual of Omaha Medicare Advantage Plan Cost

Mutual of Omaha strives to provide affordable Medicare Advantage plans. Their plans are available with either $0 monthly premium, or low monthly premiums. Medicare Advantage plan benefits, including premiums, are set by county. The larger your home county, the lower your premiums are likely to be.

It's important to remember you must keep paying your Part B premium to keep your Medicare Advantage coverage. Any premium you pay for Medicare Advantage is in addition to your Part B premium.

If high out-of-pocket medical costs are a concern to you, you should consider a Medigap or Medicare Advantage plan from Mutual of Omaha. Mutual of Omaha Medicare plans offer many extra benefits and competitive premiums. If you have additional questions or would like more information about Mutual of Omaha plans, contact a licensed Medicare expert who can guide you through the enrollment process.

Joseph Arroyo is a licensed Medicare insurance specialist who lives in Hilton Head, South Carolina. Arroyo is certified to sell Medicare products including Medicare Supplement insurance, Medicare Advantage, and prescription drug plans.