For those of us who are 65 years and older, going on Medicare can be a sigh of relief. As we step away from work-related insurance coverage, Medicare steps in to take over. But Medicare only pays for 80 percent of your coverage. That's where Medigap providers like Mutual of Omaha come in, offering supplemental insurance to cover the gap between what Medicare does and doesn't pay.
Mutual of Omaha has been administering Medicare since its inception. Today, it's considered one of the top Medigap providers, covering nearly 10 percent of Medicare beneficiaries. It offers plans in all states (except Massachusetts) and is especially popular for speedy claims payments. But there are some cons, like higher premiums and limited plan options. To help you decide, we've broken down the company's most important plan benefits, downsides, prices, and how to navigate buying a policy.
|A, F, High Deductible F*, G, High Deductible G||Medicare Part A, Medicare Part B, and hospice coinsurance. Covers an extra 365 days after Medicare benefits are used up|
|F, High Deductible F*, G, High Deductible G, N||Skilled nursing facility coinsurance|
|F, High Deductible F*, G, High Deductible G, N||Medicare Part A deductible|
|F, High-Deductible F||Medicare Part B deductible|
|F, High Deductible F*, G, High Deductible G,||Medicare B excess charges|
|F, High Deductible F*, G, High Deductible G, N||Foreign travel emergency|
|N||After copay ($20 doctor visit / $50 emergency room), Medicare Parts A, B, and hospice coinsurance|
* As of Jan. 1, 2020, Plan F and the High Deductible Plan F are only available to applicants who became eligible for Medicare prior to 2020.
Because the company offers fewer plans than other companies we've reviewed, like Aetna, it might be a bit easier to choose a plan. However, if you're looking for more variety, you may want to consider other popular providers, like Humana, Aetna, or Blue Cross Blue Shield. We've outlined our recommendations for Mutual of Omaha's various Medigap plans so you can find the one that's right for your budget and lifestyle.
Medigap Plan A (not to be confused with Medicare Part A) is the most basic Medigap insurance you can buy. All providers are required to offer it. While it's typically the least-expensive plan, Mutual of Omaha's price is higher than some other options. Plan A covers leftover costs from Medicare Parts A and B, plus additional coverage for 365 days after the Medicare limit.
Plans F and G offer the most coverage and are, therefore, generally the most expensive. They're nearly identical, except that Plan G does not cover Part B deductibles (a $203 annual expense). Neither requires copays or coinsurance. Plan G is especially popular because it covers all Medicare-approved gap expenses except for Part B. Many positive customer reviews say they had little to no costs once they'd paid their Part B deductible. Both plans offer comprehensive coverage for many seniors’ needs, including hospital coverage, hospice care, outpatient care, skilled nursing facility coverage (up to $186 per day for days 21-100), and help with copayments for routine appointments.
Buyer’s Tip: Mutual of Omaha offers up to a 12 percent household discount when two family members enroll together. This is an easy way to save on your plan!
For seniors who don't need to visit the doctor frequently, Plan N is a less expensive option for nearly full coverage. However, you'll be charged a $20 copay for every office visit and a $50 copay for emergency room visits. Because Plan N doesn't include the Medicare Part B deductible, you'll also need to pay the $203 deductible (Plan N copayments don't count toward the annual Part B deductible.).
High Deductible Plans F and G offer the most comprehensive coverage for the lowest monthly premiums. But because you have to pay more than $2,000 out-of-pocket before benefits kick in, they're better for those who know they'll reach or exceed that deductible to take advantage of the benefits. These might be good options if you're managing a chronic illness, have frequent follow-up appointments with providers and specialists, or you anticipate undergoing surgery.
Monthly costs can vary by hundreds of dollars depending on your age, gender, location, and other health factors. The prices below are average estimates based on a few different scenarios. Exact rates will fluctuate higher or lower depending on your specific circumstances.
These numbers are individual; they do not reflect the additional household discount of up to 12 percent (applied if two family members enroll together).
|Plan||Monthly price estimate|
|F High Deductible ($2,000 minimum annual deductible)||$73|
|G High Deductible ($2,000 minimum annual deductible)||$45|
The good news is, you can apply for a Mutual of Omaha policy online. This isn't an option with some Medigap providers we've reviewed, like Colonial Penn, so we like the added convenience. With an account, you can get same-day approval and downloadable temporary ID cards.
You don't have to call anyone, but if you prefer to talk to someone over the phone, you can! Keep in mind that by requesting a quote over the phone, you're consenting to agent calls. You can call Mutual of Omaha toll-free (Monday-Friday, 8 a.m.-8 p.m. CT) or fill out a contact form to have an agent call you.
Here's how to buy a policy online:
You can apply for Medigap insurance year-round. If you apply outside of your initial enrollment period, you could be denied coverage due to underwriting.1 If you have underlying conditions, you might also have to wait up to six months before your coverage goes into effect.
Initial Enrollment Period: This is the first time you can sign up for Medicare Parts A, B, D, and Medigap. For seniors, it's a seven-month window starting three calendar months before your 65th birthday month and ending three months after your birthday month. For example, June birthdays have an initial enrollment period of March 1 through September 31.
If you're applying within your initial enrollment period, coverage starts on your birthday month. If your birthday is on the first day of the month, coverage begins the month prior.
With high marks for customer service and fast and efficient claim payments, Mutual of Omaha is consistently in the top 10 providers for Medigap coverage. But its policies can be on the higher side, especially if you don't qualify for the 12 percent household discount. The company also only offers five of the 10 Medigap plan options, with some regions only offering two or three. Given its long and reputable history, Mutual of Omaha is a solid choice for older adults who want a comprehensive insurance “safety net” and can afford the deductibles, or for seniors who know they need frequent, skilled care and want to cap their out-of-pocket expenses.
Overall, yes. For those who can afford either a $2,000 deductible or the somewhat higher-than-average monthly premiums, it offers comprehensive options, has a good reputation for payouts, and is an overall trusted player in the health care insurance space.
As of 2021, Plan G has a $203 deductible. Other than your monthly premium, there are no copays with Plan G.
Most reputable insurance companies lock rates for 12 months. After that, many go up annually. That’s partly because prices are based on multiple and/or varying factors, such as age, sex, and location. When those factors change, so do prices. Different companies and states use different pricing models2 (community rate, age attained, or issue age) that can impact rates as well.
You can visit the Mutual of Omaha website at mutualofomaha.com or call their toll-free number: 800-775-6000.