Mutual of Omaha is an insurance and financial services company. It offers Medicare Supplement Insurance, or Medigap, in 49 states and Washington, D.C. Show
Unlike many Medigap insurers, Mutual of Omaha doesn’t sell Medicare Advantage or other health insurance plans. The company specializes in insurance meant to complement your main health insurance, such as Medicare Supplement Insurance, life insurance and long-term care insurance. Mutual of Omaha stands out for its low rate of member complaints — more than 60% below the market average. Here’s what you should know about Mutual of Omaha Medicare Supplement Insurance. Mutual of Omaha Medicare Supplement Insurance pros and consMutual of Omaha’s Medigap offerings have advantages and disadvantages.
Available Medicare Supplement Insurance plans
Mutual of Omaha also offers Medigap Plan F and the high-deductible version of Plan F for beneficiaries who were eligible to enroll in Medicare prior to 2020. Newer Medicare members can’t buy these plans from any insurer. Plans A, G, N and F are the “primary plans available across all states,” according to a representative from Mutual of Omaha, but the company also offers other plan types in some states. Enter your ZIP code on the Mutual of Omaha website to see which plans are available in your area. In addition, Mutual of Omaha offers plans in Minnesota and Wisconsin according to each state's Medigap plan standards, which differ from the standardization system used in the majority of the country. Additional benefitsThe Medicare benefits of each Medigap plan are standardized, but companies can include other perks with the standardized coverage. Here are some of the extras available with some Mutual of Omaha policies:
Mutual of Omaha Medicare Supplement Insurance service areaMutual of Omaha offers Medicare Supplement Insurance plans in Washington, D.C., and every state except Massachusetts. Mutual of Omaha covers about 1.3 million Medigap beneficiaries, and its share of the total Medicare Supplement Insurance market is about 9.3% [1]. CostThe following price quotes were obtained for three states representing above-average, average and below-average costs for Medicare Supplement Insurance, when compared across all plans and providers using pricing data from Medicare.gov [2]:
The sections below show pricing information from Mutual of Omaha for a 65-year-old female nonsmoker and reflect “base” pricing with discounts removed or factored out whenever the option was available. (Note: Some Medigap prices may be higher for males.) For comparison, each table also includes the price for the least-expensive option to buy the same plan from other providers, based on information from Medicare.gov. For example, Mutual of Omaha’s price for Medigap Plan A in Fort Collins, Colorado, appears alongside the lowest price on Medicare.gov for all Plan A policies available in Fort Collins to an applicant with identical demographics. Plan AOn average, Mutual of Omaha’s quoted prices for Medigap Plan A were about 46% higher than the least-expensive Plan A policy in the area.
Plan GStandard Plan GOn average, Mutual of Omaha’s quoted prices for Medigap Plan G were about 28% higher than the least-expensive Plan G policy in the area.
High-deductible Plan GMutual of Omaha’s quoted prices for the high-deductible version of Plan G were about 27% higher than the least-expensive high-deductible Plan G policy in the area.
🤓Nerdy Tip A high-deductible Medigap plan can save you money overall if the premiums plus the money you spend meeting the deductible are less expensive than the higher premiums of a standard insurance policy. For 2022, benefits for high-deductible Plan G kick in after a $2,490 deductible. Divided over 12 months, that’s $207.50 per month. A high-deductible plan would need to have premiums at least $207.50 less than the standard version to start offering savings. Plan NOn average, Mutual of Omaha’s quoted prices for Medigap Plan N were about 26% higher than the least-expensive Plan N policy in the area.
DiscountsHere are some discounts Mutual of Omaha offers to qualifying Medicare Supplement Insurance applicants:
Available discounts can vary according to factors such as your location, household status and how you apply for a policy. Mutual of Omaha’s spending on care71.4% for member benefitsMedicare Supplement Insurance providers are required to report data on the premiums they collect and how much they spend to provide benefits for members. Based on the most recent year of data, Mutual of Omaha Medicare Supplement Insurance plans spend about 71.4% of premiums on member benefits [3]. (The other 28.6% goes to overhead expenses like administrative costs, marketing, salaries and commissions.) For comparison, the average for all providers is 72.3%. The minimum required by law for individual Medigap policies is 60% [4]. Member complaints62% below averageMembers file fewer complaints about Mutual of Omaha’s Medicare Supplement Insurance plans than other insurers. Mutual of Omaha and its subsidiaries that sell Medigap plans had a complaint rate about 62% below the average for all Medigap plans, according to three years’ worth of data from the National Association of Insurance Commissioners [5]. The low Medigap complaint rate for Mutual of Omaha and its subsidiaries is on par with their overall performance. Across all insurance types offered by those companies, the average complaint rate was about 63% below the average for all insurers over the same three years of data. Customer serviceHere’s how Mutual of Omaha members can contact customer service:
Third-party ratingsThere are a few companies that weigh in on customers’ experiences with insurers or the strength of the company in question, and we’ve included two here: AM Best Financial Strength Rating: A+ AM Best is a credit rating agency that specializes in the insurance industry. In February 2022, AM Best affirmed its Financial Strength Rating, or FSR, of A+ (Superior) for Mutual of Omaha Insurance Corporation and its subsidiaries: United of Omaha Life Insurance Company, Companion Life Insurance Company and United World Life Insurance Company [6]. An A+ rating in this category indicates that AM Best believes Mutual of Omaha has a superior ability to meet its ongoing insurance obligations. Moody’s Investors Service: A1 Moody’s Investors Service is a credit rating agency that evaluates the financial strength and creditworthiness of public and private organizations of all types. In October 2020, Moody’s affirmed its A1 rating and stable outlook for Mutual of Omaha and its subsidiary, United of Omaha Life Insurance [7]. An A1 rating indicates that Moody’s considers Mutual of Omaha’s obligations to be a low credit risk and that Mutual of Omaha is on the higher end of this rating category. A stable outlook indicates that Moody’s expects a low likelihood of the A1 rating changing over the medium term. Compare alternativesHere's how Medicare Supplement Insurance providers compare with Mutual of Omaha. About Mutual of OmahaMutual of Omaha, headquartered in Omaha, Nebraska, was founded in 1909 as the Mutual Benefit Health & Accident Association. The company changed its name to Mutual of Omaha in 1950. Mutual of Omaha sells Medicare Supplement Insurance and Medicare Part D plans, dental insurance, life insurance and other insurance products such as long-term care and disability insurance. It also offers other financial services such as annuities, mortgages and investment services. In 2020, Mutual of Omaha had $11 billion in revenue. Find the right Medicare Supplement Insurance planBecause Medigap plans are standardized, you can get precisely the same Medicare benefits from any insurer offering the plan. So when you shop, keep these considerations in mind to find the best policy to fit your needs:
If you have additional questions about Medicare, visit Medicare.gov or call 800-MEDICARE (800-633-4227, TTY 877-486-2048). ARTICLE SOURCES
Does Mutual of Omaha have a Medicare Supplement plan?Mutual of Omaha has you covered
Medicare Supplement insurance is offered to protect our customers' health and wallets. It's a great option to add to your existing Medicare Part A and B plans, as Medicare supplement insurance helps cover some out-of-pocket costs that Part A and Part B may leave you with.
Is UnitedHealthcare part of Mutual of Omaha?No, Mutual of Omaha and UnitedHealthcare are separate companies.
Who has the cheapest Medicare Supplement insurance?What's the least expensive Medicare Supplement plan? Plan K is the cheapest Medigap plan, with an average cost of $77 per month for 2022.
What's the difference between Medicare Advantage and supplement?A Medicare Advantage plan (Medicare Part C) is structured to be an all-in-one option with low monthly premiums. Medicare Supplement plans offer additional coverage to Original Medicare with low to no out-of-pocket costs.
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