Mutual of Omaha provides eligible applicants the option of applying for a quality, affordable Medicare supplement insurance program.
Mutual of Omaha’s Medigap plans are available in every state except Massachusetts.
Mutual of Omaha is an insurance and financial services company. It offers Medicare Supplement Insurance, also known as Medigap, in 49 states and Washington, D.C.
Unlike many Medigap insurance carriers, Mutual of Omaha does not sell Medicare Advantage or other health insurance plans.
NOTE: Mutual of Omaha stands out for its low rate of member complaints — more than 60% below the market average of complaints by Medicare supplement policyholders.
Here’s what you should know about Mutual of Omaha Medicare Supplement Insurance Coverage.
The Pros and Cons of Mutual of Omaha Medicare Supplement Insurance Plans
Advantages
Large Discount Available: A discount of up to 12% for living with another adult is larger than many other Medigap insurers offer.
Available in 49 States: Mutual of Omaha sells Medicare Supplement Insurance in all states except Massachusetts.
Few Complaints by Members: Members file complaints at rates more than 60% below the average for all Medigap Insurance Companies.
Disadvantages
Medicare Plan Types: For new Medicare beneficiaries, only Medigap plans A, G and N are available in most states.
Available Medicare Supplement Insurance Plans
Here are the Medicare Supplement Insurance Plans Mutual of Omaha offers for any Medicare Member everywhere the company operates:
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.
Just 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 U.S.A.
Additional Benefits Provided
The 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:
Wellness Discount Program: Mutual of Omaha’s Mutually Well program offers some members low-cost gym memberships, discounts on wellness products and services, and an app to plan and track fitness activities.
Hearing Aids and Eyewear: Some policies offer discounts on hearing aids, vision exams and eyewear from certain providers.
Areas of Service for Mutual of Omaha Medicare Supplement Insurance
Mutual 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%. Source: National Association of Insurance Commissioners, 2020 Medicare Supplement Insurance Experience Reports.
Helpful 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 of coverage, 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 on your coverage.
Discounts on Medigap Plan from Mutual of Omaha
Here are two discounts made available by Mutual of Omaha to qualifying applicants for Medicare Supplement Insurance:
Household: Some applicants can receive up to a 12% discount if they live with a spouse, domestic partner or other adults.
NOTE: In some states, this discount requires that the other household member already has or is applying for a Mutual of Omaha Medigap policy.
Dental Policy: Some members that purchase Mutual of Omaha dental insurance within 30 days of starting a Medicare Supplement Insurance (Medigap) policy can qualify for up to a 15% discount on premiums for the dental plan.
Available discounts can vary according to factors such as your household status, location and how you apply for a policy.
Member Complaints for Mutual of Omaha Medicare Supplement Insurance Plans are 62% Below Average
Members file far 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.
Customer Service
Here’s how Mutual of Omaha members can contact customer service:
Call customer service at 800-775-1000, Monday to Thursday, from 7 a.m. to 5:30 p.m. or Friday from 7 a.m. to 5 p.m. Central time.
Mutual of Omaha Ratings from Third Party Financial Rating Agencies
There are several companies that analyze and issue ratings for insurers based on customers’ experiences and the financial strength of the company in question.
Here are two rating agency reviews of Mutual of Omaha:
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.
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.
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.
Learn More About Mutual of Omaha
Mutual 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 types of insurance products such as long-term care and disability insurance plans.
It also offers other financial services such as annuities, investment services and mortgages. In 2020, Mutual of Omaha had $11 billion in revenue.
Find the Right Medicare Supplement Insurance Plan
Because Medigap plans are standardized, you can get precisely the same Medicare benefits from any insurance company offering the plan.
So when you shop, keep the following in mind to help you find the best policy to meet your specific insurance needs:
Is Your Preferred Plan Available?
Insurance carriers don’t always sell every plan, so make sure to find out which insurers sell the medigap (medicare supplement insurance) plan you want to buy in your area.
What are the Premiums for Medicare Supplement Insurance?
Prices for the same medigap plan can vary quite a bit between insurance companies, so compare pricing to find the most competitive rate available for the plan you need.
Will My Medigap Premiums Change Over Time?
Will the insurer charge more as you get older, or can you lock in a level premium when you sign up for your coverage?
Are there Any Extra Coverages Available with Medigap?
Medigap plans core benefits are standardized, but some insurance carriers include extras like discount programs or health club memberships.
If you have additional questions about Medicare, visit Medicare.gov or call 800-MEDICARE (800-633-4227, TTY 877-486-2048).
Disclosure: Compensated Affiliate