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Review Summary: Mutual of Omaha offers a wide variety of Medicare supplement insurance. It also offers a prescription drug plan (Medicare Part D), a vision plan, and dental plan in addition to other discount programs to encourage healthy living. Mutual says that 98% of the Medicare claims it receives are paid within 12 hours.
Recommended for: Mutual of Omaha Medicare supplement insurance is a good option for those who would rather pay monthly premiums that are consistent each month than unexpected expenses each month.
Medicare is medical insurance sponsored by the federal government that is available to those who are 65 or older. Medicare provides Part A, which covers hospital expenses, and Part B, which covers doctor visits. However, it does not cover all expenses. (Part A and Part B are also known as Original Medicare.)
That’s where Medicare supplement insurance and Medicare Advantage plans come into play. Medicare supplement insurance, also called Medigap, and Medicare Advantage, also called Part C, are designed to supplement Medicare Parts A and B. Medicare patients do not need both Medicare supplement insurance and Medicare Advantage.
They are both purchased through insurance companies. Medicare Advantage plans typically have low premiums, require copays, and come with network restrictions. Supplement insurance policies typically come with higher premiums, have lower costs when receiving care, and do not come with network restrictions.
Wide variety of Medicare Supplement options
Fast claim process
Prescription, dental and vision plans available
Offers 12% household discount
Available in 49 states and the District of Columbia
In business 100+ years
Not available in Massachusetts
Does not offer Plan B, Plan K, or Plan M
|Customer Rating Platform||Rating|
|Better Business Bureau (BBB) Rating||A+ Rating; 1.04/5 Stars with 55 Reviews|
|Bazaar Voice||4.5/6 Stars with 101 Reviews|
|Seniors Mutual||5/5 Stars|
|WalletHub||3.9/5 stars with 161 Reviews|
Mutual of Omaha offers Medicare supplement insurance plans, also known as Medigap, to help cover the remaining 20% of medical expenses that are not covered by Medicare.
The expenses that the plans cover include:
Mutual of Omaha Medicare medigap plans are for those who are enrolled in Medicare Part A and B. It allows Medicare patients to pay one predictable monthly payment for any additional expenses instead of having to pay out of pocket for large medical bills.
Mutual of Omaha Medicare Supplement plans typically make it easier to receive care when traveling both nationally and internationally.
Mutual of Omaha offers the following plans:
Medicare Supplement rates depend on a lot of variables including location, age, sex, and tobacco use. However, in some states, insurance providers are not permitted to use age to determine pricing.
For a reference point, here is a breakdown of costs for a female born in 1953 in Colorado:
|Plan||Cost Per Month|
|High Deductible Plan F||$62.41|
|High Deductible Plan G||$51.15|
Mutual of Omaha currently offers a 12% household discount if you have lived with someone who is more than 60 years of age for the last 12 months, or you are married or have a domestic partnership. That means these costs will be lower if you qualify for the household discount.
Mutual of Omaha also offers Part D, which is the prescription drug plan. Part D can be added as a standalone plan to add to Part A and Part B or it can be added along with one of Mutual’s supplemental insurance plans.
Mutual of Omaha offers two Part D Plans that are called Mutual of Omaha RX. Here’s an example of what you can expect, but please note that prices may vary depending on where you live:
|Part D Plans||Details|
|Essential Plan||$20.50 per month |
$0 deductible for Tier 1 drugs
$505 deductible for Tier 2-5 drugs
Recommended for patients who don’t take a lot of prescription drugs or those who take low-cost drugs.
|Premier Plan||$81.70 per month |
$0 deductible for Tier 1-2 drugs (Generic drugs)
$505 deductible for Tier 3-5 drugs
Mid-level monthly premium
Additional savings for insulin
Recommended for patients who consistently take generic prescription drugs.
|Plus Plan||$104.60 per month |
$505 deductible for All Tiers
High monthly premium
Recommended for patients who consistently take name brand drugs. This plan allows those patients to reach their deductible faster when compared to the other plans for those primarily taking name brand drugs.
Mutual of Omaha also offers dental, vision, and hearing plans, which can be included in your plan as an add-on.
The dental plan premiums range from $9 to about $50 per month. Patients can choose from two insurance plans and a savings plan. The savings plan also includes vision and hearing savings. (See details below.)
Mutual of Omaha Medicare customers also receive discounts through the following programs:
Mutual of Omaha offers its Medicare plan in 49 states and the District of Columbia. The only state where it is not available is Massachusetts. [Source: MutualofOmaha.com]
There are three ways to buy a Medicare Supplement plan with Mutual of Omaha:
If you want a Medigap policy, plan to enroll during the 6-month Medigap Open Enrollment Period. This begins when you first turn 65 and you are enrolled in Medicare Part B. During that period, you have 6 months, that starts the first day of your birthday month, to enroll in a Medigap plan. And during this 6-month period, you can’t be denied for a pre-existing condition.
After the 6-month period is over you may still be able to apply for a Medigap plan, but you risk being denied coverage.
Mutual of Omaha opened its doors for the first time in 1909 under the name Mutual Benefit Health & Accident Association. It began selling health and accident insurance in 1910 in Nebraska. It slowly started adding more insurance products and expanding into more states. By 1939, Mutual Benefit was licensed in 48 states and two territories. It changed its name to Mutual of Omaha in 1950. Mutual of Omaha was selected by the federal government to administer Medicare Part A and Part B in 1966, when the program was first created.
Reviews last updated: 12/4/23. (Reviews typically updated monthly.)
Ratings last updated: 12/4/23. (Ratings typically updated quarterly.)
We independently identify Medicare insurance companies. Medicare Insurance companies are evaluated based on five factors that we believe are important for consumers: years in business, number of products offered, customer service availability, state licensing footprint, and Better Business Bureau (BBB) Ratings. Please find a full description of our ratings system here.
This information is intended to be general and educational in nature and should not be construed as financial advice. Consult your financial advisor before implementing financial strategies for your retirement.
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