Haris Ashley
Medicare Supplement Insurance, also known as Medigap, is an insurance plan that covers the out-of-pocket expenses that Original Medicare (Part A and Part B) does not. Founded in 1909, Mutual of Omaha is one of the top providers in the Medicare Supplement industry, offering several Medigap plans with varying coverage options. With a low rate of complaints, the company is known for its quick review times, efficient policy issuance, and top-quality customer service. However, some customers have expressed concerns about claim denials and delays, as well as the push to register online for EOB documents. Overall, Mutual of Omaha is considered a legitimate and trusted company in the Medigap market, especially for those who value customer service and comprehensive coverage options.
| Characteristics | Values |
|---|---|
| Founded | 1909 |
| Number of Plans | 10 (offers 4 in most areas) |
| Plan Options | A, B, C, D, F, G, M, N |
| Plan G Deductible | $239.17 (as of 2022) |
| Monthly Premium | $94-$97 |
| Monthly Premium for a 65-year-old nonsmoking woman | $156 |
| Household Discount | 7%-12% |
| Customer Service | Fast review times, quick policy issuance, top-quality customer service |
| Number of Reviews | 4,710,373 |
| Trustworthiness | One of the most trusted companies in the Medigap market |
| Availability | Nationwide |
| Travel Protection | Yes |
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What You'll Learn
Mutual of Omaha's history and reputation
Mutual of Omaha was founded in 1909 by a medical student at Omaha's Creighton University, Dr. C.C. Criss, and his wife, Mabel Criss. The company, then known as Mutual Benefit Health & Accident Association, filed articles of incorporation with the Nebraska Insurance Department. The company's first president, Harry S. Weller, served until 1932. In 1924, Mutual of Omaha ranked 8th in comparison to other insurance companies, and by 1927, V. J. Skutt joined their team and was named president in 1949.
In 1941, the company founded its Group Insurance department, and in 1950, Mutual Benefit Health & Accident Association changed its name to Mutual of Omaha Insurance Company. The company gained nationwide prominence in the 1950s with a license to sell insurance in all 48 states, an abbreviated name, and a distinctive Native American symbol. In 1955, Mutual of Omaha became the first health and accident company to order an IBM electronic data processing system. In 1963, the company began sponsoring Mutual of Omaha's Wild Kingdom, a wildlife program that remained on television for more than 20 years. In 1974, the company's slogan changed from "People who pay" to "People you can count on", and in 1981, United Benefit Life Insurance Company became United of Omaha.
As of 2020, Mutual of Omaha holds the 300th rank on Fortune 500's top companies, with over 5,000 employees and a network of sales advisors. The company has received high financial strength ratings from A.M. Best Company, Inc. and Standard & Poor's, and in 2017, it was ranked 5th out of 18 large life insurance companies by NerdWallet. Mutual of Omaha is a well-known insurance provider that offers Medicare supplemental coverage with a user-friendly website experience for those who want to compare plans and get quotes online. Its coverage includes Plan F, G, and N in Medicare Parts A and B, and it also offers foreign travel protection. The company has received mixed reviews, with some customers complaining about delays in claims processing and issues with online registration for EOB documents, while others have praised the company for its trustworthiness, quality healthcare, and peace of mind.
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Customer reviews and complaints
Several customers have praised Mutual of Omaha's Medicare supplemental insurance for its comprehensive coverage, ease of use, and positive impact on their financial security. One customer review mentions that the plan has been "wonderful" and that they have had "no complaints whatsoever". Another review highlights the convenience of not having to hunt for doctors within the plan's network. Some customers also appreciate the user-friendly website and online quote tool that allows for easy comparison of plans and prices. Mutual of Omaha's strong customer satisfaction reputation and wide range of policy options, including foreign travel protection, have been noted as positive features.
On the other hand, there have been numerous complaints regarding unexpected and significant rate increases. Some customers feel that Mutual of Omaha engages in unethical practices by luring new customers with lower premiums while raising rates for existing clients. For example, one customer review mentions that their premium more than doubled after just six years. Others have expressed frustration with the company's sales tactics, claiming that agents misrepresented their policies as whole life insurance without disclosing important details about rate increases or conversion requirements.
Complaints about incompetent and ineffective customer service representatives are also prevalent. Customers have reported issues with receiving inconsistent or incorrect information from service agents, difficulty in reaching knowledgeable staff, and unresponsive behaviour from the company when attempting to resolve disputes.
It is worth noting that Mutual of Omaha has responded to some of these reviews, expressing their willingness to discuss concerns further and address specific issues. While Mutual of Omaha's Medicare supplemental insurance has received both positive feedback and criticism, prospective customers should carefully consider their priorities, such as cost, customer service, and coverage options, before making a decision.
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Affordability and value for money
Mutual of Omaha Medicare Supplemental Insurance offers a range of plans with varying affordability and value for money. The company provides a user-friendly website experience, allowing individuals to compare plans and obtain quotes online easily.
One of the standout features of Mutual of Omaha is its low complaint rates, which are well below the average for Medigap insurance companies. In addition, Mutual of Omaha offers large premium discounts, with household discounts ranging from 7% to 12% in most states. These discounts apply not only to spouses but also to domestic partners and other seniors over 60 living in the same household.
When it comes to affordability, Mutual of Omaha's Medigap rates range from average to expensive. While the company offers some low-cost plans, such as the High-Deductible Plan G, which is a great deal at $44 per month for a 65-year-old woman, other plans can be more costly. For example, Plan G premiums were about 39% more expensive than the cheapest alternative, and Plan N premiums were about 31% higher. Additionally, Mutual of Omaha's Plan A, the most basic Medigap plan, is priced higher than some other options.
The affordability of Mutual of Omaha's plans also depends on the individual's age and location. While the company offers average rates for the most popular plan options, Medigap prices can differ significantly based on where an individual lives. As a result, Mutual of Omaha may be the most affordable option in some areas, while being the priciest in others. Furthermore, as individuals age, Mutual of Omaha becomes more affordable compared to other companies. For example, at 65, an individual might pay more for Mutual of Omaha than for Cigna or Blue Cross Blue Shield, but by 85, Mutual of Omaha becomes the more affordable option.
It is worth noting that Mutual of Omaha offers fewer plan types and extra perks than some competitors, which may impact the overall value for money. However, the company has a good reputation for payouts and is a trusted player in the healthcare insurance space.
In conclusion, while Mutual of Omaha Medicare Supplemental Insurance offers a range of plans with varying affordability and value for money, it stands out for its low complaint rates, generous discounts, and trusted reputation. Individuals considering Mutual of Omaha should carefully review the available plans, compare prices, and consider their age, location, and specific needs to determine if the company's plans align with their budget and priorities.
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Range of plans available
Mutual of Omaha offers six different Medigap plans nationwide. However, some plans may not be available in all locations. The cost of a plan depends on the specific type of plan, where you live, and how a company sets its monthly premiums.
The company offers a user-friendly website experience for those who want to compare plans and get quotes online. It offers several policy options, as well as foreign travel protection. Its coverage includes Plan F, G, N, B, C, and M in Medicare Parts A and B.
Plan F coverage rates are competitive compared to other providers. Plan G has the same benefits as Plan F, except for the Part B deductible. A Mutual of Omaha Plan G policy costs $156 per month in 2024, which is $8 more than the national average. However, a Mutual of Omaha high-deductible Plan G costs $44 per month, which is cheaper than the $48 per month national average.
Plans B, C, D, and M are expensive. However, these account for only a very small number of Medicare Supplement policies sold. Mutual of Omaha's Medigap rates range from average to expensive. But, its Plan N is a good deal. You could save $144 annually by switching to Mutual of Omaha from an average Medigap insurance company.
You can only buy a Plan F or C policy if you became eligible for Medicare before January 1, 2020. Part A covers inpatient care at a variety of different facilities. Depending on the plan, Medigap may help cover your deductible (if you were eligible for Medicare before 2020). Part B covers various types of outpatient services as well as some types of preventive care. Depending on the plan, Medigap may help cover your deductible.
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Ease of use and flexibility
Mutual of Omaha is a legitimate company that has been in the insurance and financial services business since 1909. It introduced Medicare Supplement Insurance (also known as Medigap) in 1992. The company offers a user-friendly website experience for those who want to compare plans and get quotes online. Its website features a quick and easy quote tool, making it convenient for customers to explore their options and make informed decisions about their healthcare coverage.
Medicare Supplement Insurance from Mutual of Omaha is designed to cover the out-of-pocket expenses that Original Medicare (Part A and Part B) does not. It helps manage expenses such as copays, deductibles, and coinsurance costs. This supplemental insurance provides flexibility and control over your healthcare choices. You have the freedom to choose any healthcare provider that accepts Medicare patients without worrying about network restrictions or referrals to specialists. This flexibility is particularly advantageous when travelling, as it ensures coverage even when you are outside your home country.
Mutual of Omaha offers a range of Medigap plans, including Plan A, Plan N, Plan G, and Plan F. While Plan A is the most basic option, Plans F and G offer the most comprehensive coverage. Plan G, in particular, is a popular choice due to its extensive coverage of copayments, coinsurance, and the Part A deductible. It also manages Part B excess charges, which occur when a healthcare provider charges more than Medicare's approved rate.
The company's rates vary, with some plans being average and others more expensive. However, Mutual of Omaha offers a household discount of 7% to 12% in most states, which can result in significant savings. Additionally, their high-deductible Plan G is a low-cost option that provides excellent value for money, with the same coverage as a standard Part G plan.
Mutual of Omaha's Medicare Supplement Insurance provides ease of use and flexibility through its user-friendly website, a variety of plan options, and the ability to choose your healthcare providers without network restrictions. The company's low rate of complaints, quick review times, and top-quality customer service further contribute to a positive experience for its customers.
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Frequently asked questions
Yes, Mutual of Omaha is a legitimate company that has been around for a long time and is one of the most trusted companies in the Medigap market.
Mutual of Omaha offers several Medicare Supplement Insurance plans, including Plan A, Plan N, Plan G, and Plan F. These plans are available in all locations and to all Medicare beneficiaries, except for Plan F, which is no longer available for new enrollees as of January 1, 2020, due to changes in Medicare regulations.
Plan G is a popular choice due to its extensive coverage. It covers copayments, coinsurance, and the Part A deductible. While it doesn't cover the Part B deductible, it does manage Part B excess charges, which is a benefit not found in all Medigap plans.
Mutual of Omaha has a low rate of complaints, about 60% lower than average. It is highly regarded for providing fast review times, quickly issuing policies, and top-quality customer service. However, some negative reviews mention issues with claim denials and delays, and concerns about online registration for documents.
