Mutual of Omaha Medicare Supplement Plans

Mutual of Omaha, as its name implies, is a mutual (customer-owned) company rather than a publicly-traded company. Despite it not being publicly traded, Mutual of Omaha is number 324 on the Fortune 500 list for 2022. With over 6,000 employees and $579 million in profits, this company is still based where it was founded in Omaha, Nebraska.

Its company history dates all the way back to 1909. Mutual of Omaha’s corporate culture emphasizes its responsibility to its customers. One of the ways it demonstrates this responsibility is by keeping its customer service phone lines U.S.-based rather than outsourcing them. 

Mutual of Omaha carries many forms of insurance, including life, disability, dental, and numerous forms of Medicare-related insurance. With Medicare Advantage (Part C), Medicare Supplement plans, and Medicare Prescription Drug plans (Part D), Mutual of Omaha has many options for seniors who are concerned that Original Medicare alone won’t adequately meet their needs. Medicare Supplement plans from this company are provided through a variety of subsidiaries, including United World Life Insurance Co. and United of Omaha Life Insurance Co.

The Basics of Mutual of Omaha Medicare Supplement Insurance

To understand how Mutual of Omaha Medicare Supplement Insurance (Medigap) works, you must first have a firm grasp of how Medicare itself works. In Original Medicare (Parts A and B), a predetermined list of medical services and items are referred to as “covered” or “approved,” but the use of these words does not imply 100% coverage. Instead, most items and services are approved for roughly 80% coverage, with the patient expected to pay the rest (see Medicare Costs at a Glance for more details).

This 20% of costs that the patient is expected to pay is charged in the form of deductibles, copays, and coinsurance, and it can be a challenge to afford. Some years your 20% may be quite manageable, but if you experience a life-altering accident or diagnosis that requires frequent medical treatments, your costs could skyrocket. 

In a Mutual of Omaha Medicare Supplement Insurance plan, the insurance company promises to pay a certain amount of the copays, coinsurance, deductibles, and other forms of cost-sharing that you, the patient, would normally be liable for. Some plans will focus on a percentage of these costs, while other plans will cover nearly every cost.

Plans are not offered by Medicare, but they are standardized by Medicare. This means that if the company uses a standardized plan name then they are required to provide a set level of coverage. Failure to cover what they claimed they will cover would be a very serious offense that would land the company in trouble with the government. This accountability makes these plans very reliable.

To sign up for a Medicare Supplement plan, you first need to have Original Medicare (Parts A and B). Most seniors have to pay premiums for Part B, though not for Part A. It’s ideal to sign up for Medicare Supplement Insurance within the first six months of signing up for Original Medicare. During that time period — and certain other time periods — you have “guaranteed issue rights” that protect you from undergoing medical underwriting. If you do have to undergo medical underwriting (usually just medical questions), then you could be denied a policy based on a preexisting condition. Once you have a policy, however, it cannot be canceled on you unless you stop paying premiums.

Overview of Mutual of Omaha Medicare Supplement Plans

Medicare Supplement plans are standardized to such a high degree that they are the same across companies, with only the premiums and certain fringe benefits (like free gym memberships) differing. Companies in most states are allowed to offer plans A, B, C, D, F, G, K, L, M, and N, as well as some high-deductible (HD) versions of these plans. However, plans C and F are no longer offered to anyone except those who were eligible for Medicare prior to 2020. 

Below you can see a table that details the coverage of the plans that Mutual of Omaha chooses to offer to those who are newly eligible starting in 2020: F, G, and N. Many states also have a version of Plan G called High-Deductible G. This plan has very low premiums compared to the regular Plan G, but the patient must cover $2,000 of his or her own expenses before the plan covers anything. In all other respects, its coverage is the same as the Plan G listed in the chart. Since nothing but the deductible is different, we have not included the high-deductible plan in the chart.

*Plan N’s Part B copay/coinsurance coverage excludes some minor copays (usually $20-$50) for office and emergency visits. 
**Excess charges occur when a doctor charges the patient more than Medicare is willing to pay. To determine if you are likely to get excess charges, ask your doctor whether or not they “accept assignment.” If they don’t, then they may have excess charges.

The plans above are available to newly eligible Medicare recipients in most states. Residents of most states can see which plans are available to them simply by looking at the Mutual of Omaha website. However, in a few states, you’ll need to call an agent to get state-specific details. Mutual of Omaha does appear to offer a few other plans (including A, B and D) in certain states, but availability appears to differ by county. You may wish to work directly with an agent to get the full details.

Additionally, Massachusetts, Minnesota, and Wisconsin follow completely different coverage models than the rest of the states, and Mutual of Omaha offers plans that fit these unique standards. These states have opted to establish their own rules because they believe these rules will benefit their residents the most.

The articles below provide details on these states’ unique Medigap standards:

• Medigap in Massachusetts 
• Medigap in Minnesota 
• Medigap in Wisconsin

The Cost of Mutual of Omaha Medicare Supplement Plans

Premiums for Mutual of Omaha Medicare Supplement plans range from about $40-$145+ per month. With the addition of household discounts, the true price range may be as low as $25-$123 for some seniors. Note that the lowest premium mentioned only applies to High-Deductible Plan G. Though the monthly cost is lower, this plan is more of a safety net than anything else since its coverage only kicks in after the plan member has already spent $2,000 out-of-pocket. Seniors should use caution when considering this option, keeping in mind that the slightly more expensive options without high deductibles have quite competitive rates when compared to other brands.

The range of costs above is just a broad estimate, and it’s important to keep in mind that it is in addition to anything you must pay for Original Medicare Parts A and B. There are a number of factors that can cause your long- and short-term costs for a Medicare Supplement to be lower or higher than average. In addition to the factors below, prices may go up periodically from time to time due to inflation.

Factors That Affect Premiums: 

• Gender: Men typically face higher Medicare Supplement prices than women do. Companies are allowed to ask about your gender and to charge you more based on it, even for seniors who have “guaranteed issue.” 
• Timing and Health: As the article When Can I Buy Medigap? details, attempting to sign up for Medicare Supplement Insurance outside of Open Enrollment can result in denials or higher costs for you. If you don’t have a guaranteed issue right, the company’s decision will be based on a review of your health. 
• Location: Different states have different pricing based on the cost of living in those states. The difference in premiums between rural areas and large cities can sometimes be $40+. Mutual of Omaha’s policies seem to be influenced by location less than some other companies’ policies. 
• Pricing Style: Companies can use three pricing styles: community pricing, attained-age pricing, and issue-age pricing. In community pricing, age doesn’t impact how costs increase over time. In attained-age, premiums rise regularly with age. In issue-age, price is determined by age when the policy is first issued, but after that age has no bearing on price increases. Mutual of Omaha uses attained age pricing where the law allows.

Unique Benefits and Drawbacks of Mutual of Omaha Medicare Supplement Insurance

Benefits of Mutual of Omaha Medicare Supplements

• Transparency: When choosing insurance, many seniors like to learn about the financial stability, history, and business ethics of the company they buy from. Mutual of Omaha makes finding and assessing all of that information extremely easy. Under the “About Us” tab of the website, you can access a detailed company timeline as well as numerous technical reports. 
• Online Quotes: Mutual of Omaha allows you to view prices without that middle man of an insurance agent. All you have to do is hit the “get a quote” button and add your birthday, gender, and zip code to get started. A few states, like New York, do not have this handy feature, but most do.
• Household Discount: Mutual of Omaha offers a generous household discount that ranges from 7%-12% off of the basic premium. In some states, to get the discount, you just need to have lived with someone who is 60 or older for a year or more. In other states, you do need to be in a marriage or civil union to another Mutual of Omaha customer to qualify.

Drawbacks of Mutual of Omaha Medicare Supplements

• Few Options: Mutual of Omaha’s main Medicare Supplement plan offerings are F, G, High-Deductible G, and N. Other plans, like B and D, may be available in some states, and Plans C and F are available in some areas only to those who were eligible for Medicare prior to 2020. All things considered, this company has a limited list of options for most seniors who are newly eligible for Medicare.
• Attained-Age Pricing: In states where it’s permitted to do so, Mutual of Omaha uses attained age pricing. This means that as you age your premiums will regularly increase. Attained age pricing is used by companies to help them deal with the fact that they have to pay more insurance claims as people get older and develop more health problems. Attained-age pricing is extremely common, but you should consider whether a plan with attained-age pricing is sustainable for you financially and seek other options if this pricing structure isn’t right for you.

Customer Reviews of Mutual of Omaha Medicare Supplement Plans

Overall, Mutual of Omaha seems to be reviewed less frequently by customers than many similar companies are. Its profiles on review platforms, including large platforms like the Better Business Burea (BBB) and Trustpilot, often include fewer than ten reviews. In contrast, many other companies amass hundreds of reviews. This comparative lack of reviews may be due to the company conducting less outreach to customers or just having fewer customers overall when compared to larger competitors.

Although reviews of Mutual of Omaha are somewhat scarce, those that exist are useful for learning about customer experiences. Read on to learn more about the positive and negative reviews that customers leave.

Positive Reviews from Mutual of Omaha Customers

Positive feedback for Mutual of Omaha covers a broad range of topics. This is partly due to the fact that Mutual of Omaha offers many forms of insurance, including life and disability. Some customers mention the efficiency and sensitivity with which customer service handles claims. One customer on Trustpilot writes about the “excellent customer service [that was] hassle-free 100%.” Multiple reviewers mention the “reasonable cost(s)”.

A few reviews specifically mention Medicare Supplement Insurance. One happy customer on Google reviews notes that they have had “very few problems since I’ve been on their Medicare Supplemental Insurance Plan G. […] I’ve had zero out of pocket expenses beyond premium & Part B deductible.”

Negative Reviews from Mutual of Omaha Customers

Negative reviews, like positive reviews, are relatively scarce on most platforms. Unhappy customers may include details about denials of coverage and problems with refunds. One customer who had an especially unfavorable opinion said that the company had “no communication, bad information, don’t return calls.” This same customer also said that they were “passed from person to person with getting questions answered, and when you do get someone they don’t seem very nice or interested.”

We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.