Mutual of Omaha

Mutual of Omaha has taken an aggressive market position by offering Medical Supplement Insurance plans at low premiums, and then by adding various interesting discounts.

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9.2
Grand Score
8
User Score
9.2
Grand Score
8
User Score
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Medicare Supplement Insurance was created as an option to remove some of the unknowns from the cost of health care for seniors. It helps to pay the expenses not covered by Original Medicare Part A and Part B, which can include copayments, coinsurance, deductibles and other fees. A series of ten plans, designated by letters between A and N, have been designed to cover different percentages of different potential costs. While the benefits of each plan are identical regardless where you buy it, private companies have the right to decide what plans to offer and at what price. Mutual of Omaha offers very competitive rates on the different plans it offers as Medicare Supplement Insurance (also known as ‘Medigap’). If it offers your chosen plan in your state, and if the quote is attractive, Mutual of Omaha could become your Medigap supplier.  

Grandfolk Scoring
Cost 8/10
Ease of enrollment 9/10
Coverage 9/10
Waiting period 10/10
Customer support 10/10
Doctor restrictions 10/10
Health exam 10/10
Renewal 10/10
Multi-policy discount 10/10
Claim turnaround 8/10
Decision-making assistance 10/10
Cost
Monthly premium
Varies with plan and state
Ease of enrollment
Ways you can enroll
Online, phone, licensed agent
Coverage
What plans are available?
A, F, High-deductible F, G and N
Waiting period
How soon can services be used?
Immediately, in your Medigap Open Enrollment Period
Customer support
Ease of access
Online 24/7; phone app available; phone 7:00 AM-5:30 PM Mon-Thurs, 7:00 AM-5:00 PM Fri
Doctor restrictions
Limited to which doctors?
Any doctors in the U.S. who accept Medicare assignment
Health exam
Required for enrollment?
No, not during your Medigap Open Enrollment Period
Renewal
Is renewal automatic despite health conditions?
Yes, as long as premiums are paid
Multi-policy discount
Available to multi-member households?
Up to 12% household premium discounts (varies by state)
Claim turnaround
Average time to process a claim?
14 business days
Decision-making assistance
Are resources available to help with decisions?
Yes, online, videos, or by calling customer service or agent
Age Score:
0
50-65 Years
10
65-75 Years
10
75-85 Years
10
85-Above

Regardless of age, many seniors are conscious of costs and appreciate when a company makes an effort to lower the cost of something as important as health care. Mutual of Omaha has implemented a program that allows eligible seniors to access a 12-percent household discount on its Medicare Supplement plans. To qualify, you must have lived for at least one year with an adult who is at least 60 years old. That adult is not required to have a Medicare Supplement plan with Mutual of Omaha. If that adult is your spouse or partner (domestic or civil), the 1-year residency and age requirements are waived. A 12-percent household discount could mean significant savings for you each month, especially as premiums increase over time. This cost-saving program by Mutual of Omaha is representative of the company’s philosophy. 

Health Score:
10
Great health
10
Good Health
10
Fair Health
10
Poor Health

When confronted with an advancing health condition, seniors may be forced to exhaust their savings to help cover costs associated with hospital bills and other medical expenses. A Mutual of Omaha Medigap policy includes a voluntary program called Hospital Choice Savings. This program credits a portion of the insurance costs back to you if you use a hospital participating in the Hospital Choice Savings program. Also, by using this program, the Medicare Part A hospital deductible will be waived. This plan is especially beneficial if you are facing a health condition that requires frequent hospitalization.

Pros:

  • Mutual of Omaha enjoys solid financial backing and the familiarity of strong brand recognition among consumers. (Most seniors remember Marlin Perkins who hosted Mutual of Omaha’s Wild Kingdom television show.)
  • The company offers numerous discounts to help members save money each month.
  • It offers rapid policy issue and electronic delivery of a temporary ID card if needed. 
  • EyeMed Vision Care benefits are offered to its Medicare Supplement policyholders, including discounts on eye exams, eyeglass frames, lenses and much more.
  • Hearing health discount program from Amplifon Hearing Health Care includes access to significantly discounted hearing aid prices, even for top-of-the-line technology. 
  • Mutual of Omaha introduced Hospital Choice Savings program. If you choose to use a hospital that is in the program, your Medicare Part A deductible is waived.

Cons:

  • Mutual of Omaha only offers Medicare Supplement plans A, F, High-deductible F, G and N, depending on your state of residence.
  • Its website steers you heavily towards speaking to an agent.
  • The company does not offer online quoting or plan information for every state. In some cases, you need to make a phone call just to confirm what plans are available in your state.

Bottom Line:

Mutual of Omaha was one of the very first companies to offer Medigap insurance after Medicare was signed into law in 1965. Since then, many seniors have been helped to pay the costs not covered by Original Medicare. The company’s policy of maintaining premiums relatively low has led to its popularity among seniors seeking affordable Medicare Supplement plans. 

Mutual of Omaha has strong reserves and has received superior ratings from market rating agencies – further proving the company to be a financially secure choice. The company received an A+ Superior rating by A.M. Best.

Mutual of Omaha has added separate benefits such as EyeMed vision and Amplifon hearing health discounts for some of its Medigap customers. It also offers the cost-saving Hospital Choice Savings program in most states which lowers some hospital-related costs by utilizing hospitals within the program. While the basic benefits of each Supplement plan are the same across all suppliers, following Federal and state laws, Mutual of Omaha has differentiated itself by adding more benefits while keeping its prices down.

Frequently Asked Questions:

If plan benefits are all the same from insurer to insurer, what distinguishes Mutual of Omaha?

Mutual of Omaha is known for its fast policy issue and the option of delivering ID cards electronically. Also, it says about itself, “We are a financially strong, family-oriented company based in the heart of America, with solid, unflinching values.”

Are there any additional services or perks offered when choosing Mutual of Omaha?

Mutual of Omaha offers discounts such as its 12-percent household discount, as well as EyeMed vision and Amplifon hearing health discounts. It also participates in a voluntary Hospital Choice Savings program in most states, in which you benefit from some cost savings by using certain hospitals. 

What is the most popular Medicare Supplement plan that is sold?

Mutual of Omaha Medicare Supplement plans are standardized by the government, meaning the benefits of each plan are identical from insurer to insurer. Plan F is the most popular plan sold by Mutual of Omaha, and it is the most comprehensive regarding coverage of deductibles, copayments and coinsurance. The company also claims to have the lowest Plan G rates in most zip codes. 

More Information:

Product Details 

Overview: Mutual of Omaha writes its Medicare Supplement plans under the standardized guidelines followed by other private insurers.

Package Details: Mutual of Omaha offers Plans A, F, G and N, depending on the state. Plans A and F are offered in all states. 

Additional Company Details

Contract Details: Policies must comply with Federal and state regulations. You can go to any doctor, anywhere in the U.S., as long as that doctor accepts Medicare assignment. If you enroll during your initial Open Enrollment Period when turning 65, the company must enroll you on a guaranteed basis and cannot drop you as long as you are paying your premiums. At that time, even if you have a disability or health problem, it cannot refuse to sell you any Medigap policy it offers, charge you a higher premium than they charge others who are 65 and older or delay the start of your coverage. In the case of cancellation or death, the unearned portion of any premium paid will be promptly returned.
Warranty: Some state statutes provide a 30-day look period on all Medicare Supplement policies. This means the policy can be returned to the company for a full refund of all premiums. The free-look provision starts from the day the policy is delivered, and it is suggested the policy be returned in a manner in which delivery must be confirmed by the insurance company. Check if your state statutes provide this benefit.

Accreditations:  The parent company, Mutual of Omaha, carries an A+ (Superior) rating from A.M. Best Company, A1 (Good) by Moody’s and AA- (Very Strong) from Standard & Poor’s. Mutual of Omaha has received accreditation from the Better Business Bureau and maintains an A+ rating on the BBB website.  

Company Details: Mutual of Omaha was founded in 1926. The company entered the market providing a diversified portfolio of insurance products, later including Medicare Supplement plans which are underwritten by United of Omaha Life Insurance Company, which is licensed nationwide except in NY. The company has an extended history and reputation of providing a variety of sound options to their customers. As of 2016, Mutual of Omaha held more than $37.3 billion in assets. 

Contact:
 
Mutual of Omaha 
Dodge at 33rd Street
Omaha, NE 68175

Phone: 800-775-1000

T. Mashae Pearson - Senior Advisor

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