Mutual of Omaha Medicare Supplement Review
At Sams/Hockaday, we have over 20 Medicare Supplement carriers to choose from, and Mutual of Omaha is one of those options. Mutual of Omaha is a well-known brand and has been around for a very long time.
Note: This article was originally published on May 22, 2019. It was updated on November 9, 2020 to include the new Medicare costs for 2021.
Many clients are interested in Mutual of Omaha, especially when looking around at Medicare Supplement options. One thing you should know before we dive into our Mutual of Omaha Medicare Supplement review is that all Medicare Supplement plans are standardized by the government.
Each company that sells a Medicare Supplement must offer the benefits established by the government. In other words, a Plan G sold by Mutual of Omaha has the exact same benefits as a Plan G sold by another company.
What is Mutual of Omaha?
In 1909, Mutual of Omaha opened its doors in Nebraska and started out by selling health and accident insurance. Right after the Great Depression, Mutual of Omaha decided to offer its first hospital insurance to help families with hospitalization, X-ray, lab, and physician fees.
In 1950, Mutual of Omaha came out with its first insignia – a painting of a Native American chief in full headdress. It debuted in “The Saturday Evening Post.”
This eventually morphed into the Mutual of Omaha logo we all recognize today.
In 1966, Medicare began, and Mutual was selected to administer both Parts A and B of Medicare. Eleven years later, Mutual of Omaha launched its first website, and in 2014, it became one of the few insurance companies to offer an online application for Medicare Supplements.
Finally, in 2018, Mutual of Omaha released Medicare Advantage and Medicare Part D Prescription Drug Plan products.
Today, Mutual of Omaha offers a plethora of products, including life insurance, long-term care insurance, cancer insurance, annuities, dental insurance, and more. Mutual of Omaha is also very well-known for its Medicare Supplement Insurance.
Mutual of Omaha’s Many Names
Mutual of Omaha does have quite a few subsidiaries, including:
- United Of Omaha Life Insurance Company
- Companion Life Insurance Company
- United World Life Company
- Omaha Insurance Company
- Mutual Of Omaha Investors Services
- Omaha Financial Holdings
Here in Decatur, Illinois, the Medicare Supplement plan is actually offered by United World Life Insurance Company, whose parent company is Mutual of Omaha.
How is Mutual of Omaha rated?
Mutual of Omaha is rated A+ Superior by A.M. Best Company for overall financial strength and ability to meet ongoing obligations to policyholders. This is the second highest rating out of 16. Mutual of Omaha is also rated A+ by the Better Business Bureau Accreditation.
Mutual of Omaha customers have rated their experience 4.2 out of 5 (average of 99 reviews).
Medicare Supplement Plan Types Offered by Mutual of Omaha
Mutual of Omaha offers the following Medicare Supplement plan types:
- Plan F
- High-Deductible Plan F
- Plan G
- Plan N
Plan F will no longer be available for new Medicare enrollees on or after January 1, 2020. However, if you’re already on Medicare when 2020 comes around, you can still purchase a Plan F.
So, Plan F isn’t totally going away, but it is for Medicare beneficiaries who are newly eligible on or after January 1.
How Does a Mutual of Omaha Medicare Supplement Work?
Since all Medicare Supplements are regulated by the government, a Mutual of Omaha Medicare Supplement works the same as any other Medicare Supplement.
Once you understand how a Medicare Supplement works, you understand how they all work, which is nice!
All Medicare Supplements add to your existing Medicare Part A and B coverage, which is also referred to as Original Medicare. A Medicare Supplement will cover things like copays, deductibles, and coinsurance. In addition, many plans offer international travel coverage.
In exchange for those benefits, you pay a premium, which can be paid monthly, quarterly, semi-annually, or annually.
Mutual of Omaha Plan F
Remember that a Plan F from Mutual of Omaha is the same as a Plan F from any other company.
Many individuals aging into Medicare love a Plan F because it covers the remaining Medicare-approved charges. Yep – all of them. You don’t have to deal with any copays, coinsurance, or deductibles when you have a Plan F.
A Plan F from Mutual of Omaha will cover your hospital and doctor coinsurance, up to 100 days in a skilled nursing facility, your hospital and doctor deductible, excess charges from doctors who don’t accept Medicare, and even 80% of foreign travel emergency charges.
Medicare Supplement Plan F is the best coverage you can buy, which also explains why it has the highest premium. We’ll get into pricing examples later on in this article.
Mutual of Omaha High-Deductible Plan F
A High-Deductible Plan F covers everything a Plan F covers, but with one major exception. It won’t pay for anything until you pay a $2,340 deductible (as of 2020). After you pay $2,340 out of pocket, it’ll start covering everything just like a Plan F would.
Keep in mind that Medicare Supplements can only cover things that Original Medicare covers. If you need a service or item that’s not covered by Medicare, your supplement won’t cover it either. Examples of services you’d have to pay for yourself – even if you have a Plan F – include dental exams, hearing aids, and eye exams.
A High-Deductible Plan F is one of the least expensive Medicare Supplements you can buy, but it just doesn't provide enough value for us to recommend it. We don't sell any High-Deductible Plan F plans, though we could if you really wanted it.
Mutual of Omaha Plan G
A Plan G from Mutual of Omaha will pay for everything a Plan F pays for except the deductible at the doctor. This is also called the Medicare Part B deductible (Part B is your medical insurance).
The Part B deductible isn’t much – it’s $203 in 2021.
If you do the math, you know that a Plan G offers $203 less in coverage than a Plan F. However, a Plan F almost always costs over $203 more than a Plan G.
Insurance companies – including Mutual of Omaha – charge a premium for a Plan F, and many seniors don’t like that as it can feel like they are overpaying.
To be transparent, almost all of our clients here at Sams/Hockaday who have a Medicare Supplement choose a Plan G. Is it our favorite plan and offers great value for the excellent coverage you get.
Mutual of Omaha Plan N
A Plan N offers the same coverage as a Plan G aside from three exceptions:
- You will have a copay of up to $20 every time you see the doctor
- You will have a copay of up to $50 every time you visit the ER
- If you see a doctor who does not accept Medicare (pretty rare) you may be charged an excess of up to 15% more than the Medicare-approved amount
Plan N offers some savings in premium, so some individuals take on the copays and possibility of excess charges in order to save money in premium when compared to a Plan G.
Most of our clients do not choose a Plan N, but it does seem to be gaining popularity versus years past.
Mutual of Omaha Illinois Prices
The premium of a Mutual of Omaha Medicare Supplement depends on a couple factors, including:
- Which plan you want
- Your age
- Your zip code
- Your gender
- Whether or not you are a tobacco user
Mutual of Omaha is competitive in the central Illinois area, though there are more competitive carriers with slightly lower pricing at the time of this writing.
To give you an idea of what Mutual of Omaha Medicare Supplements cost, here are some examples for a 65-year old female who does not use tobacco and lives in Decatur, IL. These quotes were recorded on May 22, 2019 and are subject to change.
- Plan F: $131.49/mo
- High-Deductible Plan F: $38.39/mo
- Plan G: $99.36/mo
- Plan N: $82.06/mo
What We Think of Mutual of Omaha Medicare Supplements
At Sams/Hockaday, we’ve been offering the best Medicare Supplement options in Illinois for decades. Mutual of Omaha is a strong option with over a century of insurance history.
Many clients who choose Mutual of Omaha for their Medicare Supplement like that the same company offers other types of insurance they need. It can often simplify things to have the same insurance company for multiple products. The only downside is that it may cost you a bit more to do so.
While other Medicare Supplement companies have slightly better rates here in Decatur, Illinois, that is always changing. Mutual of Omaha is an excellent company with lots of history, and we wouldn’t hesitate to recommend it.
To see what a Mutual of Omaha Medicare Supplement would cost you, you can request a free Medicare planner using the link below. If you prefer, you can also schedule an appointment online with one of our local agents.
You can also call our office at 217-423-8000. We will be glad to assist you in any way we can!
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