Mutual of Omaha has many offerings, but they may be best known for their Medicare supplement insurance plans. Their policies are competitively priced across the U.S. and rate increases with their Medigap coverage has been trending lower the last few years.
A.M. Best rates them A+ due to their large base of policy holders, cash reserves and strong balance sheet. More recently, they began offering Prescription Part D, Medicare Advantage as well as dental and vision insurance in the senior markets.
Like all supplemental carriers, Mutual of Omaha does not offer each of the ten plans available. Depending on your state of residence, Plans A, B, C, D, G, N and F and High Deductible F will be available in most cases. They are also offering High Deductible Plan G beginning in January of 2020.
In some zip codes, Select Plans C, F and G will be available for purchase as well. Select Plans are network-driven policies that require the insured to use an in-network doctor or hospital for non-emergency care. Monthly premiums will be lower for Select Plans when compared to traditional non-network coverage.
There are several factors that will influence your Medicare supplement rates and some of these variables only apply during certain time periods. Our agency can help you determine your rating class whether you’re in your 6 month open enrollment window, a guaranteed issue time period, or if you’re simply shopping for lower Medigap rates.
Tobacco use, height and weight, gender, age, household discount availability, plan preference and zip code can all affect your final rates. During your Open Enrollment window (when you are age 65 or new to Medicare Part B) some of these factors cannot be used to determine your monthly premiums. If you are guaranteed issue (already enrolled in Medicare Part B, but losing creditable coverage elsewhere) then some factors can raise your overall premiums – and some plans will require medical underwriting.
The household premium discount will vary in amount (7%-12%) and availability from state to state as well. In some areas, a member of your household must also be applying with you (or already own a policy) in order to qualify for the discount. In others states you must only reside with a spouse, sibling or domestic partner to qualify for the discount.
Plan G is quickly becoming a popular Medicare supplement and for good reason. The rates are low, the annual premium increases can be smaller and the overall savings can more than make up for the small Part B deductible. In many states, Mutual of Omaha offers some of the lowest Plan G rates available. This is especially true when the household discount applies.
When shopping for supplemental insurance, one of the most important variables can be future rates increases. You want to purchase a plan that can provide stable future rates as switching supplements in the future can be difficult. Plan G tends to be more stable as it’s not a guaranteed issue plan unless your new to Medicare Part B. As Plan G requires medical underwriting in more instances than Plan F, it tends to have fewer enrollees. This can translate to smaller rate increases over time.
Many Medicare Supplement providers are now offer both free and at-cost ancillary benefits and/or discounts as part of their coverage. Gym memberships are important to many of our clients. Mutual of Omaha offers either a discounted membership (up to 30%) or a full membership at only $25 a month at several participating locations nationwide. This benefit can save members hundreds of dollars.
There are also discounts on hearing aids, eye exams, lenses and frames, and several other value added benefits. Should you want full dental and vision coverage as part of your Medicare Supplement plan, then that can be added at a reasonable monthly cost. This is beneficial for those who might need more than just routine cleanings.
Our independent insurance agency offers Medigap coverage direct from every carrier we work with. We are licensed with dozens upon dozens and can help you compare quotes all across the country. If you are interested in Mutual of Omaha’s Medicare supplement insurance coverage or if you would like to see how they stack-up against the competition, contact us today.
Category: Medicare Supplements