Mutual of Omaha Medicare Supplement Plans Review
Mutual of Omaha is owned by its policyholders and consistently has one of the highest customer satisfaction ratings. Among the perks offered to its policyholders are a complementary vision plan, household discounts, online quotes, and a free 30-day look period, which is when you can decide whether or not to keep your plan.
Claims are paid in a timely fashion
High customer satisfaction rates by enrollees
Coverage includes a complimentary eye vision plan
"Mutual Perks" benefits included
Limited or lackluster extra plan benefits
Rates and quote process could be improved
Mutual of Omaha is a popular brand in the healthcare insurance world. In fact, Mutual of Omaha's Medicare Supplement plans rank among the best options for potential enrollees.
Mutual of Omaha plans offer you coverage in ways that Original Medicare does not. This is because there are gaps in Original Medicare's coverage, such as prescription drugs, dental, hearing and vision care, which are not covered by Original Medicare
With four Medicare Supplement plans and a stellar reputation to offer, Mutual of Omaha is a reliable company that has some excellent options to choose from if you are looking to enroll in supplemental coverage.
Who Recommends Mutual of Omaha?
Mutual of Omaha is a respected business in Medicare that is backed by recommendations from trusted sources, including the following:
A.M. Best — handed down an A+ Superior rating for financial strength
Moody's Investor Service — gave Mutual of Omaha an A1 Good rating
S&P Global — gave an A+ Strong score
What Medicare Supplement plans does Mutual of Omaha offer?
Mutual of Omaha offers a handful of Medicare Supplement plans (A, F, a high deductible version of F, G, and N) in all 50 states. Medicare Part D prescription drug coverage is also available for selection.
Plan F and Plan C are only available to individuals who were eligible for Medicare before 2020. If you were eligible for Medicare before 2020 but didn't have either one of these plans, you can enroll in them now. Plan G is a good alternative to Plan F, offering comparable coverage at similar prices.
It is important to note that Massachusetts, Minnesota, and Wisconsin offer different standardized plan options. For this reason, it is advised that you contact a local health insurance agent for more information on what enrollment choices you have in these states.
How does Mutual of Omaha's Medicare Supplement insurance work?
Medicare Supplement plans are standardized by the U.S. federal government, which means Mutual of Omaha's plans have essentially the same benefits as plans other companies offer.
The kind of Medicare Supplement plan you have will determine its levels of coverage. Regardless of the type of Mutual of Omaha Medicare Supplement insurance plan you have, federal regulations mandate that it must at least cover 100% of your Part A coinsurance fees. Part A (hospital services) and Part B (inpatient services) make up Original Medicare.
Depending on your specific medical situation, Original Medicare may require you to pay a coinsurance, copay, or deductible. These vary depending on whether the services in question come under Part A or Part B.
When you have a Mutual of Omaha Medicare Supplement plan, you pay a monthly premium for your insurance plan just as you would for regular insurance. Your plan will cover either some or all of the following fees:
Your deductible, coinsurance, or copay fees required under your Medicare plan
Your out-of-pocket expenses for medical services not covered under your Medicare plan
Some plans will cover any deductible fees associated with Part B services, while others will cover a smaller amount of the fee or none at all.
How do Mutual of Omaha's Medicare Supplement plans compare to other insurance providers?
Since Medicare Supplement plans are standardized, you can expect the same plan benefits from different providers. Any variations will be seen in the different premiums and any add-on benefits the companies offer.
Some of the standard benefits you can expect include:
You can use the plan anywhere inside the U.S. and sometimes outside of the country. Under this supplemental insurance, you can receive coverage anywhere in the U.S. Some plans also include foreign emergency services, allowing you to use coverage for medically deemed emergencies outside the U.S.
You can use any doctor. Another attractive feature with Mutual of Omaha's Medicare Supplement insurance plan is that you are no longer limited to staying within a certain network and can go to any healthcare provider that accepts Medicare.
You can see specialists without getting a referral from your primary doctor.
You're guaranteed coverage for life. With Mutual of Omaha's Medicare Supplement plan, you don't have to worry about losing your benefits. Once you're enrolled, you can keep the plan until you cancel. Your coverage includes guaranteed renewal, so as long as your premiums are paid, your coverage won't be canceled.
What makes Mutual of Omaha Medicare plans stand out from the rest?
Mutual of Omaha is a trusted brand in large part because it pays claims on time. According to the business, 98% of claims are paid out within 12 hours. The company also has a high customer satisfaction rating among its enrollees.
Another key component that helps Mutual of Omaha stand out is its complementary eye vision plan. Medicare Supplement enrollees can take advantage of the company's EyeMed Vision Care benefits. The vision plan will allow you to take advantage of discounted licenses, frames, and eye exams.
In February, Mutual of Omaha announced its "Mutual Perks" value offerings, which allows customers to take advantage of discounts on hearing aids and home mortgages. There are also discounted wellness services like chiropractic, acupuncture, massage and a low-cost gym membership available. There is a perks program that features coupons on travel, dining, and retail as well.
How does pricing work with Mutual of Omaha, and can I get any discounts?
Although Mutual of Omaha Medicare Supplement plans are standardized, the cost of premiums can vary based on factors like where you live and how the plans are rated.
Medicare Supplement plans feature three rating criteria: community no-age, issue-age, and attained-age.
Community no-age-rated plans offer the same premium price for all members with no consideration given to age. This means that your premium will not increase as you get older.
Issue-age-rated plans feature premiums that are based on your age at the time you elect to enroll. These premiums do not increase as you get older.
Attained-age-rated plans start off cheaper, but your premium will steadily go up as you get older.
Community no-age and issue-age-rated plans start off more expensive than attained-age-rated options, but end up saving you the most money during the entire course of your policy.
Mutual of Omaha does offer discounts, including a household discount of up to 12%.
Will my rates stay the same with Mutual of Omaha?
If you enroll in a Mutual of Omaha Medicare Supplement plan, you can expect your rates to rise a little each year, similar to if you were enrolled in a supplement plan with any other company. The average rate increase for these plans is about 3% each year.
How do I know if I am eligible and can enroll in a Mutual of Omaha Medicare Supplement plan?
If you want to choose a Mutual of Omaha Medicare Supplement insurance plan, you have to enroll in Original Medicare with Part A and Part B coverage. Keep in mind that while you might be automatically enrolled in Medicare Part A once you turn 65, you may not be automatically enrolled in Part B.
The Open Enrollment Period for a Mutual of Omaha Medicare Supplement insurance plan is the six-month period beginning the month you turn 65. At this time, there are no mandatory health questions to answer and no medical examinations to undergo (a process known as medical underwriting). It's important to note that if you don't enroll at this time, you might be unable to get supplemental insurance at a later time.
This is because if you apply for Medicare Supplement insurance after your Open Enrollment Period, acceptance is determined after medical underwriting. This means you might be ineligible for coverage if you have pre-existing health issues, or you might pay a higher monthly premium.
For more information about Mutual of Omaha Medicare Supplement plans, you can speak with a representative on the phone at 855-798-9026 or visit their website to see which coverage options are available to you.
Best in claims paid on time
According to Mutual of Omaha, 98% of claims are paid out within 12 hours.
EyeMed Vision Care benefits will allow you to take advantage of discounted licenses, frames, and eye exams.
"Mutual Perks" included
Discounted wellness services include chiropractic, acupuncture, massage and a low-cost gym membership.
By: Courtney Schmidt
Courtney Schmidt is a medical communications professional and clinical pharmacist with pediatric and adult hospital experience.
This is the company I recommend to my clients
As a licensed insurance agent, I searched out the best. This is the company I recommend to my clients. My experience for claims payment and service for the past 4 years are fantastic. Had complete hip replacement with a 45 day stay in rehab. All paid for with Medicare and my supplement. Other events of hospital stays, etc. Cannot be more pleased. Rates are very much in line with my Plan G. (ConsumerAffairs)
Mutual of Omaha was the best value for my needs
I researched many part B supplements and felt Mutual of Omaha was the best value for my needs. My agent is Jennifer and she explained all my options and $ for my premiums. She called to let me know my policy was increased $10.00 a month with same excellent coverage for 2020. I can call her anytime and she will get back to me and she know a ton about insurance and is very kind. My advice is be careful as I had at least 20 fake Medicare scammers call me trying to get my SSI number and had my address. Call Mutual of Omaha. They are a safe and trusted company for Supplemental Medicare insurance. IMHO. (ConsumerAffairs)
I'm beginning to think that all insurance is about the same
I'm beginning to think that all insurance is about the same. Although my husband had a catastrophic event this year and the insurance kept us from exhausting our assets, for common things, it's expensive for the coverage it provides, especially the drug plan. Prior to selecting the MO Omaha drug plan to supplement the insurance and Medicare I did extensive research to make sure that the single prescription medication I need was on their formulary. It was, however, when I tried to fill it the first time, I was denied coverage for it because of my age. There was nothing in my research to indicate that there was an age limit attached to coverage for the medication. It took two letters and two appeals from my physician to get it covered and then the out of pocket deducible before they finally paid for it was ridiculously high for the amount I'm paying for this coverage. (ConsumerAffairs)