Mutual of Omaha Medicare Supplement Insurance
If you receive medical insurance through Original Medicare, the government-sponsored medical program, you might be thinking about purchasing Medicare Supplement Insurance to help cover the costs that Part A and Part B don’t cover.
Medicare Supplement policies are sold through private insurance companies. Mutual of Omaha, a well-known insurer, offers these plans.
About Medicare Supplement Insurance
Medicare Supplement Insurance is additional insurance that works alongside Original Medicare.
It’s also known as Medigap insurance, as it covers the expenses that Original Medicare – Part A and Part B – don’t cover.
Supplement plans are intended to make the cost of health insurance more manageable for Medicare beneficiaries.
There are 10 different Medicare Supplement Insurance plans that are named for letters of the alphabet.
Coverage varies from lettered plan to lettered plan, but since Medigap insurance is standardized, all plans of the same letter must provide the same coverage, no matter where it is purchased; for example, all Plan F Medicare Supplement Insurance must provide the same standard benefits.
Medigap policies are sold by private health insurance companies.
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About Mutual of Omaha
Founded in 1909, Mutual of Omaha has a long history of providing insurance in the United States.
The private insurance company offers Medicare Supplement Insurance plans.
The company’s Medigap plans are designed to help Medicare beneficiaries pay for the costs that Medicare Part A and Part B (Original Medicare) don’t’ cover.
Mutual of Omaha provides Medigap policies in 49 US states, as well as Washington, DC; however, the plans that they offer do vary from state to state.
Advantages and Disadvantages of Mutual of Omaha Medicare Supplement Insurance
There are both advantages and disadvantages associated with the Medicare Supplement Insurance plans that Mutual of Omaha provides.
- Large customer base means rates may be stable for an extended period of time
- Available in all states and the District of Columbia; the only exception being Massachusetts
- Household discounts of up to 12 percent are available for those who reside with others who have Medicare Supplement Insurance through Mutual of Omaha
- Helpful customer service
- Limited options for new Medicare enrollees, as Medigap Plans A, G, and N are the only options available in most states
- With the exception of Medicare Part D, Mutual of Omaha Medigap plans cannot be purchased in Massachusetts
Available Mutual of Omaha Medicare Supplement Plans
The following are the Medigap policies that any Medicare beneficiary, including new enrollees, can purchase through Mutual of Omaha in any location where the insurance company sells policies:
- Plan A. The most basic of the 10 standardized Medigap plans. This only provides the coverage that all Medicare Supplement plans are required to offer, but no more. This includes coverage for Part A coinsurance and inpatient care (up to an extra 365 days after Part A benefits have been used), Part A hospice copayment or coinsurance, Part B copayment or coinsurance, blood transfusions for medical procedures (up to three pints).
- Plan N. Plan N offers lower monthly premiums, but the copays that beneficiaries are required to pay are higher. This plan provides coverage for Part A coinsurance and inpatient care (up to an extra 365 days after Part A benefits have been used), Part A deductible, Part A hospice care copayment and coinsurance, blood transfusions for medical procedures (up to three pints), skilled nursing facility care coinsurance, and up to 80 percent of the cost of emergency medical care received within the first 60 days while traveling outside the US.Plan N also covers coinsurance for Part B, but copayments cost up to $20 for each office visit and up to $50 for ER visits.
- Plan G. The most inclusive Medigap coverage for new Medicare enrollees, Plan G provides coverage for Part A coinsurance and inpatient care (up to an extra 365 days after Part A benefits have been used), Part A deductible, Part A hospice care copayment and coinsurance, Part B excess charges, Part B copayment or coinsurance, blood transfusions for medical procedures (up to three pints), skilled nursing facility care coinsurance, and up to 80 percent of the cost of emergency medical care received within the first 60 days while traveling outside the US.
Mutual of Omaha does offer other Medicare Supplement Insurance plans; however, some options may not be available to all Medicare beneficiaries.
For example, as of January 1, 2020, new Medicare enrollees can no longer purchase Medigap Plan F, which offers the same coverage as Plan G, as well as the Part B deductible.
Additional Mutual of Omaha Benefits
All Medicare Supplement Insurance plans are standardized, which means that all plans that are the same letter have to provide the same basic benefits, as indicated by the federal government; however, private health insurance companies can offer additional perks, as well.
The following are some of the extra benefits that are offered with some Mutual of Omaha Medigap plans:
- Vision care. Some plans offer coverage for vision exams and prescription glasses from specified providers.
- Hearing aids. Some plans also off discounts for hearing aids.
- Mutually Well. The Mutually Well program is Mutual of Omaha’s wellness discount program. It provides discounted memberships to gyms, as well as wellness products and services, and an app that can be used to plan out and keep track of physical activities.
How Much Do Mutual of Omaha Medigap Plans Cost?
Like all private insurance companies that sell Medicare Supplement plans, Mutual of Omaha sets its own rates for the Medigap policies they offer.
Rates vary and depend on several factors, such as an applicant’s location, sex, and the plan the specific plan they are purchasing; however, on average, Mutual of Omaha charges competitive rates for the Medicare Supplement Insurance plans they offer.
Frequently Asked Questions
What is Mutual of Omaha Medicare Supplement Insurance?
Mutual of Omaha Medicare Supplement Insurance, also known as Medigap, is a type of health insurance policy that helps cover the gaps in Original Medicare. It is offered by Mutual of Omaha, a reputable insurance company.
How does Mutual of Omaha Medicare Supplement Insurance work?
When you have Medicare Supplement Insurance from Mutual of Omaha, it helps pay for certain healthcare costs that Original Medicare doesn’t cover, such as deductibles, copayments, and coinsurance. It works alongside your Original Medicare coverage to provide additional financial protection.
What are the benefits of Mutual of Omaha Medicare Supplement Insurance?
The benefits of Mutual of Omaha Medicare Supplement Insurance include coverage for Medicare Part A and B deductibles, coinsurance, and copayments, as well as coverage for skilled nursing facility care, excess charges, and emergency medical care during foreign travel.
How do I enroll in Mutual of Omaha Medicare Supplement Insurance?
To enroll in Mutual of Omaha Medicare Supplement Insurance, you need to be enrolled in both Medicare Part A and Part B. You can contact Mutual of Omaha directly or work with a licensed insurance agent who can help guide you through the enrollment process.
Are there different plans available with Mutual of Omaha Medicare Supplement Insurance?
Yes, Mutual of Omaha offers different Medicare Supplement Insurance plans, including Plan A, Plan B, Plan F, Plan G, and Plan N. Each plan provides a different level of coverage, allowing you to choose the one that best suits your needs.
How much does Mutual of Omaha Medicare Supplement Insurance cost?
The cost of Mutual of Omaha Medicare Supplement Insurance varies depending on factors such as your age, location, gender, and the plan you choose. Premiums may increase over time, so it’s essential to review the pricing structure and understand how it may change.
Can I keep my doctor with Mutual of Omaha Medicare Supplement Insurance?
Yes, with Mutual of Omaha Medicare Supplement Insurance, you have the freedom to choose any doctor or healthcare provider who accepts Medicare. There are no network restrictions, allowing you to keep your preferred healthcare professionals.
Can I switch from one Mutual of Omaha Medicare Supplement plan to another?
In most cases, you can switch from one Mutual of Omaha Medicare Supplement plan to another if you meet certain eligibility requirements. However, it’s important to review the specific terms and conditions of your policy and consult with Mutual of Omaha or an insurance agent for guidance.
Is Mutual of Omaha Medicare Supplement Insurance available nationwide?
Yes, Mutual of Omaha Medicare Supplement Insurance is available in most states across the United States. However, the availability of specific plans may vary by location, so it’s recommended to check with Mutual of Omaha or an insurance agent in your area.
Does Mutual of Omaha Medicare Supplement Insurance cover prescription drugs?
No, Mutual of Omaha Medicare Supplement Insurance does not cover prescription drugs. For prescription drug coverage, you would need to enroll in a separate Medicare Part D plan offered by private insurance companies.
Compare Mutual of Omaha Medigap Rates Today!
To compare rates for Medicare Supplement Insurance plans from Mutual of Omaha with other well-known health insurance companies, submit the form to the right.
You can also call 1-888-891-0229 and one of our licensed agents will be happy to answer all of your questions and assist you with all of your needs.
Updated December 4th, 2022