Which Mutual of Omaha Medicare Supplement Plans are Best?
If you recently enrolled in Medicare or you’ll be turning 65 soon and you’re planning on enrolling when you do, Medicare Supplement Insurance (Medigap) is a worthwhile investment.
Medigap plans help to pay for the costs that Original Medicare – Part A and Part B – don’t cover. These plans are provided by private insurance companies, and Mutual of Omaha is one of the top providers.
When it comes to your healthcare, making informed decisions is essential.
If you’re thinking about purchasing Medicare Supplement Insurance through Mutual of Omaha, read on to find out which plans are the best.
About Medicare Supplement Insurance
Original Medicare is comprised of two parts:
- Part A, which covers the cost of inpatient care (hospital stays, etc.)
- and Part B, which covers the cost of outpatient care (doctor visits, etc.).
The government-funded program pays for 80 percent of the medical care that you receive; you’ll need to pay for the remaining 20 percent yourself, as well as any care or services that Medicare doesn’t cover; coinsurance, copayments, and deductibles, for example.
The cost of these out-of-pocket expenses can really add up, but that’s where Medicare Supplement Insurance can really help.
Medicare Supplement Insurance (also called Medigap) is designed to cover the out-of-pocket expenses that Original Medicare doesn’t cover. It’s supplementary insurance; it doesn’t replace Original Medicare, but rather it works alongside Part A and Part B.
There are 10 different plans, which are named for letters, and each one covers different expenses. Medigap plans are sold by private insurance companies.
All lettered plans are standardized, which means that all plans that are the same letter must offer the same Medicare-approved benefits, no matter where they’re purchased or which insurer they’re purchased from.
Of the many private insurers that offer Medicare Supplement Insurance plans, Mutual of Omaha is one of the leading providers.
In fact, about 10 percent of Medicare beneficiaries have Medigap insurance through Mutual of Omaha.
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About Mutual of Omaha
Mutual of Omaha is a financial services and insurance company that was founded in 1909. The company has a long track record of providing quality products and services, as well as a strong financial profile.
Today, Mutual of Omaha is one of the largest providers of Medicare Supplement Insurance policies. The company and its many subsidiaries offer coverage in all states, except Massachusetts, as well as Washington, DC.
There are several reasons why Mutual of Omaha stands out from other companies that offer Medigap insurance:
- The company is known for offering rapid review and issuance times, as well as fast claims.
- Additionally, they provide robust customer service; in fact, customer complaints are about 60 percent below the industry average.
- Furthermore, Mutual of Omaha offers Medicare Supplement Insurance policyholders additional perks, on top of the standard benefits that their plans provide.
What Are the Best Mutual of Omaha Medicare Supplement Plans?
Mutual of Omaha and its subsidiaries offer a variety of Medicare Supplement Insurance plans in most locations; however, the policies they offer aren’t available in all locations, and not all Medicare beneficiaries are eligible for all of the plans that the company offers.
That said, if you’re interested in purchasing Medigap through Mutual of Omaha, the following are the best plans that the company provides include Plan A, Plan F, Plan G, and Plan N.
Medigap Plan A
Mutual of Omaha Medigap Plan A covers the basic benefits that Medicare requires, which include:
- Part A coinsurance and inpatient hospital care
- Part A coinsurance and inpatient hospital care
- Part A hospice care copayment or coinsurance
- Part B copayment or coinsurance
- The first three pints of blood required for medical procedures
Plan N
Plan N offers lower premiums; however, you will have to pay a portion of the copays, as well as a small yearly deductible. The benefits that Plan N provides include:
- Part A deductible
- Part A coinsurance and inpatient hospital expenses
- Part A hospice care coinsurance or copayment
- Skilled nursing facility coinsurance
- Part B coinsurance or copay
- First three pints of blood required for medical procedures
- 80 percent of emergency care provided within the first 60 days of traveling outside the US
With Plan N, you have to cover the cost of Part B copayments; up to $20 per office visit and up to $50 per emergency room visit (waived if admitted).
Plan F
Plan F provides the most exhaustive coverage; however, as of January 1, 2020, new Medicare enrollees can no longer purchase this coverage.
If you had Plan F before this date or you were eligible for Medicare before this date and have yet to enroll, you may still be able to purchase Plan F. Coverage includes:
- Part A deductible
- Part A coinsurance and hospital expenses
- Part A hospice care coinsurance or copayment
- Part B deductible
- Part B coinsurance or copayment
- Part B excess charges
- Skilled nursing facility coinsurance
- First three pints of blood required for medical procedures
- 80 percent of emergency care provided within the first 60 days of traveling outside the US
Plan G
For individuals who became eligible for Medicare after January 1, 2020, Plan G offers the most exhaustive coverage. It covers everything that Plan F offers, with the exception of the Part B deductible.
Benefits include the following:
- Part A deductible
- Part A coinsurance and hospital expenses
- Part A hospice care coinsurance or copayment
- Part B coinsurance or copayment
- Part B excess charges
- Skilled nursing facility coinsurance
- First three pints of blood required for medical procedures
- 80 percent of emergency care provided within the first 60 days of traveling outside the US
Additional Benefits
In addition to the benefits that Mutual of Omaha’s best Medicare Supplement Plans provide, the company also offers the following perks:
- Mutually Well. Mutual of Omaha’s wellness program, Mutually Well provides discounted rates for gym memberships, as well as some health and wellness products and services.
- Vision care and hearing aids. You may also be eligible to receive discounted rates on vision exams, prescription eyewear, and hearing aids.
Frequently Asked Questions
What are the most popular Mutual of Omaha Medicare Supplement Plans?
The most popular Mutual of Omaha Medicare Supplement plans are Plan G and Plan N. These plans offer comprehensive coverage, including hospital and medical expenses, while keeping out-of-pocket costs affordable.
How does Mutual of Omaha Plan G compare to other Medicare Supplement plans?
Mutual of Omaha Plan G is highly regarded for its robust coverage. It covers all Medicare Part A and B deductibles, offers coverage for excess charges, and provides foreign travel emergency benefits, making it a top choice for those seeking comprehensive coverage.
What is the key difference between Mutual of Omaha Plan F and Plan G?
The main difference is that Plan F covers the Part B deductible, while Plan G does not. Due to changes in Medicare regulations, Plan F is no longer available to new beneficiaries, making Plan G a popular alternative with similar benefits.
How do I determine which Mutual of Omaha plan is best for my needs?
To find the best plan, consider your health needs, budget, and preferred level of coverage. Plan G and Plan N are popular for offering excellent value, but it’s important to assess your specific requirements before making a decision.
Do Mutual of Omaha Medicare Supplement Plans include prescription drug coverage?
No, Mutual of Omaha Medicare Supplement Plans do not include prescription drug coverage. You’ll need to enroll in a separate Medicare Part D prescription drug plan to cover your medication expenses.
What are the advantages of choosing a Mutual of Omaha Medicare Supplement Plan?
Mutual of Omaha offers stability and a strong reputation in the Medicare Supplement market. Their plans allow you to choose any doctor or specialist who accepts Medicare, providing you with flexibility and peace of mind.
Can I switch from one Mutual of Omaha Medicare Supplement Plan to another?
Yes, you can switch between Mutual of Omaha Medicare Supplement Plans, but it’s important to be aware of any underwriting requirements, which may affect your eligibility. It’s advisable to consult with a licensed insurance agent to understand the implications before making a switch.
What are the cost considerations for Mutual of Omaha Medicare Supplement Plans?
The cost of Mutual of Omaha Medicare Supplement Plans varies based on factors such as your location, age, gender, and the specific plan you choose. Generally, Plan G tends to be more cost-effective in the long run, as it has lower premiums compared to Plan F.
Are there any discounts available for Mutual of Omaha Medicare Supplement Plans?
Mutual of Omaha may offer household discounts, meaning if you and your spouse both enroll in their Medicare Supplement Plans, you could be eligible for a discount. It’s essential to inquire about available discounts when exploring their plans.
Can I use a Mutual of Omaha Medicare Supplement Plan while traveling?
Yes, Mutual of Omaha Medicare Supplement Plans provide foreign travel emergency benefits, which can be extremely beneficial for those who travel outside of the United States. This feature helps cover emergency medical expenses during your travels.
Find the Right Mutual of Omaha Medigap Plan
When trying to decide which Medigap plan will best suit your needs, cost is an important factor to consider.
For accurate estimates on the best plans Mutual of Omaha provides, complete the form to the right or give us a call directly at 1-888-891-0229.
By comparing quotes, you’ll be able to see which option is right for you.
Updated December 4th, 2022