Aetna vs. Mutual of Omaha Medicare

When you hit Medicare eligibility, one of the biggest decisions you’ll face is choosing a Medicare Advantage plan or a Medicare Supplement (also known as Medigap) plan.

On the surface, Advantage plans – like those offered by big names such as Aetna – might seem attractive: they’re often low-cost, include prescription coverage, and come bundled with perks like dental or gym memberships.

But dig a little deeper, and you might find that Medicare Supplement plans, especially those from Mutual of Omaha, offer more long-term value, freedom, and peace of mind.

Aetna and Mutual of Omaha are two of the most popular Medicare providers in the United States. They both offer great plan options, but let’s dive into the details and see their pros and cons in this review.

In a nutshell:

Before we get into the details of each company, let’s take a moment to think about whether a Medicare Supplement or Medicare Advantage plan is the better fit for you.

Medicare Supplement vs. Medicare Advantage

Medicare Advantage (Part C) replaces your Original Medicare coverage with a private plan. It typically comes with provider networks (HMO or PPO), and while the monthly premium may be lower, you may face copays, coinsurance, and prior authorization requirements.

Medicare Supplement plans, on the other hand, work alongside Original Medicare. They don’t replace it – they strengthen it. These plans cover many out-of-pocket costs that Medicare leaves behind, such as deductibles, copays, and coinsurance.

Here’s the truth: Medicare Advantage plans trade simplicity for limitations.

Yes, they bundle your benefits. Yes, they sometimes offer $0 premiums.

But those come with caveats, including:

• Limited networks
• Strict referral rules
• Potentially high out-of-pocket costs

Now contrast that with Medicare Supplement (Medigap) plans. These plans work alongside Original Medicare, covering many out-of-pocket costs that Medicare doesn’t, like coinsurance, copayments, and deductibles.

Let’s look at why Medigap stands out as a better option than Medicare Advantage.

#1. Nationwide Freedom Medigap policies don’t tie you to a network unlike most Medicare Advantage plans. With a Medigap plan, you can see any doctor or specialist that accepts Medicare, anywhere in the U.S. That’s especially important if you travel often or live in multiple states throughout the year.

#2. Predictable Costs Medicare Advantage plans can surprise you with unexpected copays or coinsurance, especially if you need a hospital stay or ongoing care. With a Medigap plan like Plan G or Plan N, your monthly costs will be more predictable, and there will be significantly fewer billing surprises.

#3. You’re in Control – Not the Insurance Company With Medigap, there’s no need for referrals or prior authorizations to see specialists. You and your doctor make the decisions, not a third-party insurer reviewing your paperwork.

When investing in your health future, you don’t want guesswork – you want confidence. Medicare Supplement plans give you the flexibility to choose your doctors, the financial protection against big medical bills, and the freedom to travel without worrying about provider networks.

So, while Medicare Advantage plans may sound appealing on the surface, a closer look reveals that Medigap may be the smarter long-term choice, especially when backed by trusted names like Aetna or Mutual of Omaha.

Aetna vs. Mutual of Omaha: Company Highlights

Our Aetna Medicare Supplement Review

Aetna, a CVS Health company, is one of the largest and most recognized Medicare plan providers in the U.S. With a range of coverage options – from Advantage plans to standalone drug coverage – Aetna is known for its broad accessibility, added perks, and strong integration with CVS pharmacies and MinuteClinics.

Here’s a closer look at what Aetna offers under the Medicare umbrella.

Aetna provides seven Medigap plans that are guaranteed renewable. These plans include popular options such as Plan G (monthly premiums range from $120 to $250) and Plan N ($81 to $140 monthly). Aetna offers standalone prescription, dental, and vision policies and up to 7% household discounts.

Aetna does offer a solid lineup of Medicare Advantage options. If your top priorities are low monthly premiums and having everything bundled together, especially if you’re generally healthy, an Aetna Advantage plan might work for you.

However, keep in mind:

• You’ll be limited to their provider network.
• You may need referrals or prior authorizations.
• Your out-of-pocket costs can stack up quickly if your health changes.

It’s a trade-off between upfront affordability and long-term flexibility.

Aetna is available nationwide, except for its Medigap plans, which are not offered in these states:

Aetna Medigap (Medicare Supplement) plans also offer extra perks like household discounts (7–12%), 24/7 nurse hotline access, and support for Medicare’s telehealth benefits.

Some plans also include discounts on vision, hearing services, gym memberships, fitness programs, and alternative health services. Availability and terms may vary by location and plan.

Our Mutual of Omaha Medicare Supplement Review

Mutual of Omaha offers five guaranteed renewable Medigap policies in all states except Massachusetts.

They also offer standalone prescription drug plans and access to a fitness membership called Mutually Well. While Mutual of Omaha doesn’t offer Medicare Advantage plans, its Medigap plan premiums are, on average, 5-6% lower than Aetna’s.

Mutual of Omaha has provided Medicare Supplement insurance for over half a century.

Here’s what sets them apart:

• Financial Strength: Rated A+ (Superior) by AM Best, signaling long-term stability.
• Customer Service: Consistently rated among the best for client satisfaction and claims processing.
• Competitive Pricing: Especially strong pricing on high-demand plans like Plan G and Plan N.
• Household Discounts: These are available in many states if you and a spouse both enroll.

They focus exclusively on Medigap, and it shows. They provide solid, reliable coverage that performs when you need it most.

Aetna vs. Mutual of Omaha: Plan Availability

Aetna and Mutual of Omaha offer Medicare Supplement plans, helping control out-of-pocket expenses for Original Medicare Part A and Part B services.

There are ten standardized Medigap plans, with Plan G being the most popular. Neither company sells Plans C, K, L, or M.

Aetna and Mutual of Omaha both offer prescription drug plans. SilverScript Choice and SilverScript Plus are Aetna’s options, while Mutual of Omaha has Rx Value and Rx Plus.

Aetna’s SilverScript Plus has slightly lower copays for Tier 2 drugs than Mutual of Omaha Rx Plus.

Aetna also offers Medicare Advantage plans, including HMO, PPO, and dual SNPs, with perks like SilverSneakers and a 24/7 hotline. Mutual of Omaha no longer offers Medicare Advantage plans.

Plan Type	Aetna	Mutual of Omaha
Medicare Advantage (Part C)	Yes – widespread	No
Medicare Part D (Drug Plans)	Yes – nationwide	Yes – most states
Medicare Supplement (Medigap)	Yes – most states	Yes – most states

Which Is Better for Availability?

• If you’re looking for a Medicare Advantage plan, Aetna will almost certainly have something available in your area.
• If you want Medicare Supplement coverage, both Aetna and Mutual of Omaha offer options. Mutual of Omaha typically has stronger Medigap-specific support, better customer service, and more consistent pricing.

Ultimately, the best choice depends on your ZIP code and what type of plan you want.

Medicare Advantage plans are more location-sensitive, while Medigap plans are more stable across state lines, especially from Mutual of Omaha.

Aetna vs. Mutual of Omaha: Medigap Costs

We have compared the premium costs of the most popular Medigap plans from Aetna and Mutual of Omaha in various states for your review:

Based on the above research, we’ve found:

Aetna vs. Mutual of Omaha: Ratings

When choosing a Medicare plan, it’s not just about premiums and coverage – it’s also about trust.

You want to know the company you’re enrolling with is financially strong, easy to work with, and consistently delivers on its promises.

Financial Strength

Here’s how Aetna and Mutual of Omaha compare across key rating categories.

Rating Agency	Aetna	Mutual of Omaha
AM Best	A (Excellent)	A+ (Superior)
Moody’s	A1	Not rated
S&P Global	A+	A+

Takeaway:

Both companies are financially stable, but Mutual of Omaha’s A+ from AM Best reflects a slightly stronger position in the Medicare Supplement space.

Aetna also performs well, particularly given its backing by CVS Health.

Medicare Star Ratings (CMS)

The Centers for Medicare & Medicaid Services (CMS) annually assigns 1 to 5 stars to Medicare Advantage and Part D plans based on quality of care, customer service, and member experience.

Category	Aetna	Mutual of Omaha
Medicare Advantage (2024)	4.0 stars (average)	Not applicable
Part D (2024)	3.5–4.0 stars depending on plan	2.0 stars
Medigap	Not rated by CMS	Not rated by CMS

Takeaway:

Aetna’s Medicare Advantage and Part D plans earn solid ratings, averaging around four stars in most regions.

Mutual of Omaha does not offer Advantage plans, so CMS star ratings do not apply. Medigap plans are standardized and not rated by CMS, but reputation plays a big role.

Customer Satisfaction and Complaints

Aetna

• Mixed reviews depending on plan type and location
• Some complaints involve prior authorizations and network issues (common with Advantage plans)
• Better satisfaction reported with standalone Part D and Medigap options

Mutual of Omaha

• Consistently strong reviews, especially for Medicare Supplement
• Known for prompt claims processing and helpful support staff
• Fewer complaints overall, likely due to the simplicity of Medigap coverage

Takeaway:

While Aetna is a larger company with a broader range of plans, often resulting in a higher volume of mixed reviews, Mutual of Omaha’s narrower focus on Medigap allows for a more consistently positive customer experience.

Bottom Line

Aetna and Mutual of Omaha have been in the insurance industry for over 100 years, providing quality coverage and service to their members. Choosing between the two depends heavily on your specific healthcare requirements and preferences.

Aetna stands out for its vast network and flexible plan options, offering members a wide range of providers and the added benefits of their Medicare Advantage plans.

Mutual of Omaha Medigap plans offer several key benefits, including household discounts (7–12%), a simple claims process, and strong customer support.

Both companies offer Medigap plans that allow customers to choose any provider that accepts Medicare, foreign travel emergency coverage, guaranteed renewable coverage, and wellness discounts in select states.

We have a team of professional agents who can assist you in comparing various health plans, prices, and policies. We’ll ensure you’re well-informed so you can choose a plan that perfectly suits your needs.

Sources: Aetna | Mutual of Omaha | How to Enroll

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