Mutual of Omaha Medicare Supplement Plans

Original Medicare Part A and Medicare Part B provide many health benefits to seniors, but unfortunately, Original Medicare also has gaps in coverage and limits. For example, original Medicare does not provide insurance coverage for prescription drugs, vision care, or dental care. Seniors can enroll in Medicare Part D, which provides coverage for prescription drugs, but they will need to purchase separate policies for dental and vision.

In order to “fill in” the other insurance gaps and limitations of original Medicare, seniors can decide between enrolling in a Medicare Advantage plan or buying a Medicare Supplement Plan. Medicare Supplement Plans, also called Medigap Plans, provide coverage for most of the healthcare needs that aren’t covered by original Medicare.

A Medicare Advantage Plan is completely different. It takes the place of original Medicare. These plans may provide more extensive coverage all rolled into one insurance policy, such as covering prescription drugs, vision, and dental in addition to providing the coverage of original Medicare plus a Medigap plan.

However, a major drawback of this type of Medicare plan is that it is an HMO and usually also a PPO, meaning beneficiaries can only see healthcare providers within a restricted network. With Original Medicare plus a Medicare Supplement Plan, seniors can consult with any healthcare provider who accepts Medicare across the entire country.

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Which Medicare Supplement Plans Does Mutual of Omaha Offer

Mutual of Omaha is a well-known and highly trusted insurance company. It was founded in 1909 and is based in Omaha, Nebraska. It provides insurance products to individuals and businesses across the US. One of the insurance products it provides is Mutual of Omaha Medicare Supplement Plans.

The company was originally founded by a medical student to provide local health and accident insurance. In 1927, V.J. Skutt became president of the company and expanded it nationwide. The company rapidly gained prominence, assisted by its sponsorship of the popular show Mutual of Omaha’s Wild Kingdom, which was shown on TV for 20 years.

Best Mutual of Omaha Medicare Supplement Plans

Medicare Supplement policies are standardized by the government. This means that the Medicare coverage provided by Plan F is the same regardless of which company it is purchased from; this holds true for all of the Medicare plans. If the Medicare plans have the same letter, they are all the same.

This might puzzle many seniors because if the Medicare plans are all the same, why does it matter which insurance company you choose? There are, however, a few differences across insurance companies to consider:

• Customer service; a company with good service will be pleasant to work with
• How the company sets its premiums; this will affect how your premium changes over time as you age
• What your initial premium will be

A company with poor customer service can make dealing with your healthcare a frustrating nightmare. Mutual of Omaha is consistently ranked among the top three Medicare insurance companies in terms of customer service and client satisfaction.

Medigap premiums can be set in three ways: community-pricing, age-attained pricing, and issue-age pricing. With the community pricing method, only inflation can make your premium go up; it has nothing to do with your age. The age-attained pricing method will increase your premium over time as you age, and your premium can also go up due to inflation. Issue-age pricing sets your premium based on the age you are when you purchase the policy; after that, your premium can only go up due to inflation.

If you purchase your policy at age 65, the issue-age pricing method is generally more beneficial. If you purchase your policy at an older age, the community-pricing method is more beneficial. Since different states have different rules about which methods insurance companies can choose for premium pricing, Mutual of Omaha Medicare Supplement Plans don’t have just one, set method they use across the US. It is essential to ask while considering one of the Mutual of Omaha Medicare Supplement Plans.

In addition, insurance companies can use demographics like age, gender, and location of residence to determine your initial premium. Healthcare is simply more expensive in some parts of the country, and older individuals as a general rule of thumb use more healthcare. In addition, women tend to live longer than men. It is essential to ask for quotes as to what your specific individual premiums will be before deciding upon a plan and an insurance company to buy it from.

Mutual of Omaha Medicare Supplement Plan F

Each of the Mutual of Omaha Medicare Supplement Plans is described by a letter. One of the most popular Mutual of Omaha Medicare Supplement Plans is Plan F because it provides the broadest range of benefits. Unfortunately, as of 2020, Plan F is no longer available to individuals newly enrolled in Medicare; individuals who enrolled in Medicare and Plan F prior to 2020 are allowed to keep it.

Medigap Plan F covers:

• Part A copays and coinsurance costs
• Hospitalization costs for up to a year after Part A benefits are exhausted
• Part B copays and coinsurance costs
• The first three pints of blood needed each year
• Part A hospice care copayments and coinsurance
• Skilled nursing facility care copayments and coinsurance costs
• Medicare Part A deductible
• Medicare Part B deductible
• Medicare Part B excess charges
• 80% of costs incurred because of a medical emergency during foreign travel

Plan F also offers a high-deductible version of the plan, where the beneficiary pays a much lower premium (regular Plan F monthly premiums range from around $150 to $300 versus the high-deductible plan monthly premium that averages around $50). However, in 2020, the senior has to pay $2,340 out-of-pocket before any of the benefits kick in.

The high deductible plan may be a bargain for a healthy senior who rarely visits doctors, but it could turn into a financial disaster if the beneficiary develops a chronic medical condition or suffers from acute medical conditions several years in a row.

Mutual of Omaha Medicare Supplement Plan G

Medigap Plan G is replacing Plan F as of 2020 for new Medicare enrollees. These Mutual of Omaha Medicare Supplement Plans provide all of the benefits of Plan F except they do not cover the Medicare Part B deductible. In 2020, the Part B deductible is $198.

Plan G, like Plan F, also comes in a high-deductible form; in 2020, the Plan G deductible is $2,340.

Mutual of Omaha Medicare Supplement Plan N

Plan N is one of the popular Mutual of Omaha Medicare Supplement Plans, coming in second in popularity after Plan F.

Plan N covers everything Plan F covers except for the Part B deductible and the Part B excessive charges. Excessive charges are fees doctors charge over what Medicare allows for each individual service or procedure. Doctors who agree to not charge excessive charges are described as having “accepted assignment.” Doctors who do not “accept assignment” can charge up to 15% higher than the allowed Medicare fee and these costs are passed on to patients. Under Plan N, the patient has to pay these costs out-of-pocket.

Before purchasing Plan N, it is a good idea to call all of your regular healthcare providers and ask them if they have “accepted the assignment.” A patient with a chronic illness who regularly uses a specialist who hasn’t “accepted assignment” can end up paying a considerable amount out-of-pocket each year if they choose Plan N.

How Much are Mutual of Omaha Medicare Supplement Plans

Although your exact Plan G and Part D premiums will vary by individual factors such as your zip code, here is an example of what a 65-year-old purchasing Medicare and Plan G might pay every month:

• Part A premium: $0
• Part B premium: $144.60
• Part D premium: $30
• Plan G premium: $299

Thus, each month the beneficiary would pay around $473 out-of-pocket and would also have to pay the Part B deductible, $198, each year, out-of-pocket.

How to Apply for a Mutual of Omaha Medicare Supplement Plan

The best time to enroll in one of the Mutual of Omaha Medicare Supplement Plans is during your open guaranteed enrollment period, which starts in the month that you turn 65 and extends for six months after that. If you enroll in Medicare insurance during your open enrollment period, all insurance companies are required to sell you the plan of your choice regardless of your age or health status. If you delay enrollment, insurance companies can require you to submit health information, possibly undergo a physical, and can decline to sell you the policy of your choice or charge you a very high premium.

Your first step should be to speak to an agent to discuss what options are right for you. Perhaps a Medicare Advantage insurance plan would be better for you rather than one of the Mutual of Omaha Medigap plans plus Original Medicare. If Medigap insurance would be better, which insurance plan would be the best for you?

Once you’ve gone over your options, the second step is to enroll in Medicare Part A, Medicare Part B, and Medicare Part D. Once you are enrolled, you are eligible to enroll in the Medicare insurance plan of your choice. Once you have enrolled in one of the Mutual of Omaha Medicare Supplement Plans, as long as you pay your monthly premium the insurance company cannot revoke your insurance coverage for any reason.

*Please note, that we are not a Mutual of Omaha insurance company. This is simply a review.