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Mutual of Omaha Medicare Supplement Plan F, Plan G & Plan N Benefits

Researching Mutual of Omaha Medicare Supplement plans requires taking some time to learn about the company and the Medicare Supplement plans that they offer to fulfill your needs. Choosing your Medicare Supplement plan provider is, ultimately, your decision; however, the information that we’re presenting in this article may provide you valuable insight into the choice you make in regards to Mutual of Omaha or another supplement company. Here we will cover the difference between Mutual of Omaha Plan G, Mutual of Omaha Plan F and Mutual of Omaha Medigap Plan N.
Mutual of Omaha Medicare Supplement plans

Summary of Mutual of Omaha Medicare Supplements

Mutual of Omaha opened up shop in Nebraska in 1909. After a few years of business, the company experienced enough success to expand into other states. Today, Mutual of Omaha is regarded as one of the nation’s premier Medicare Supplement providers. Mutual of Omaha Medicare Supplement plans have a history that dates the first plans back to the 1960s. Not only have they proven themselves in the insurance market as a whole, but they’ve also gained recognition as an innovative provider in the supplement plan market for decades.

Here are some quick facts about Mutual of Omaha Medicare Supplement plans today:

  • M. Best financial rating: A+ (Superior)
  • Began serving the Medicare market: 1966
  • Recently reported Medicare Supplement Revenue: Over $2 billion

How Mutual of Omaha’s Medigap Plans Bridges the Gap

Understanding the American Medicare system can be very tricky. Many people who are eligible to receive Original Medicare (Medicare Part A and Medicare Part B) are not aware that the federally funded insurance can still leave them with out-of-pocket medical costs; but unfortunately, the plans do not cover everything. Mutual of Omaha Medigap Plans work to bridge the gap between original Medicare and your medical expenses by covering your share of the costs of Medicare-covered services. The plans offered by Mutual of Omaha cover out-of-pocket costs such as:

  • Deductibles- the fee you must pay before any coverage pays
  • Coinsurance- usually a percentage, coinsurance is the amount you may be required to pay as your share of the costs for services after you pay any deductibles.
  • Copayments- usually a fixed amount, copayments are the amount you may be required to pay as your share of the cost for a medical service or supply.

While there is a limit to the number of out-pocket-costs you are required to pay in a given year, this maximum can still be very expensive.[1] For example, if you were to get a surgery that costs $20,000 and your health insurance is structured like the following:1

  • Deductible: $1,300 (a fixed price set by your insurance)
  • Coinsurance: 20% of $18,700 = $3,740
  • Out-of-pocket maximum: $4,400

Your total cost out-of-pocket cost would amount to $5,040, but you would only be required to pay $4,400 because your insurance company is required to pay all covered costs above your out-pocket-limit $4,400.1 For most older Americans, shelling out $4,400 for one surgery would be a struggle, if not impossible — but in a scenario such this, a Mutual of Omaha Medigap Plan could be extremely helpful.

Why Consider Mutual of Omaha Medigap Plans?

Mutual of Omaha claims second place in the national Medicare Supplement market. They are mostly known for their competitive rates, offered under their main brand and through affiliated companies. They also offer a fast, electronic application process, boasting a 90-percent placement rate for supplements. They typically put approved policies in place in less than four days. With electronic applications, they often approve policies in about half an hour and immediately mail out membership cards.

Since the government standardizes all Medicare supplement insurance plans, there is no difference in the coverage offered by any Medicare-approved insurance provider. While coverage may be the same across the board, cost and customer service are not. Many people choose Mutual of Omaha Medigap Plans because of their costs, and the level of convenience and customer service they receive.

We often recommend Mutual of Omaha Medicare Supplement Plans to customers shopping for plans. Here are just a few reasons to consider choosing them:

  • You can visit any U.S. doctor or healthcare provider who accepts Medicare.
  • Some supplements even cover foreign travel and costs that exceed the Medicare-allowed amount.
  • You won’t have to see a primary doctor for a referral before you book an appointment with a specialist.
  • The government standardizes Medicare supplement plans, which mean you don’t have to worry about learning about changes every year.
  • You may be eligible to receive a household premium discount.

According to recent surveys, an overwhelming 94 percent of Medicare Supplement owners were satisfied with their supplement coverage. The same study suggested that over 90 percent of people would recommend Medicare supplemental insurance to their friends and family who receive Medicare benefits.

Popular Mutual of Omaha Medicare Supplement Plans

If you’ve spent any time comparing Medigap plans, you have probably noticed that you can choose from a variety of different options. These choices have all been standardized, covering variables for different co-pays, deductibles, and coinsurance policies that people who have a standard Medicare plan may need to pay. The elections you choose range from a more minimalistic plan to a program that is more robust and comprehensive in nature. Of course, you’ll want to compare these plans, the premiums, and the benefits to ensure the best policy for you. As with all insurance policies, more protection is more costly.

Since there are several different options, you’ll probably be better off if you can start exploring the most prevalent ones. Here, we’ve broken down the specifics of Mutual of Omaha Medicare Supplement Plan F, Mutual of Omaha Medicare Supplement Plan N, and Mutual of Omaha Medicare Supplement Plan G to help you compare more easily.

Mutual of Omaha Medicare Supplement Plan F Benefits:

If you’d rather just pay your monthly premium and not worry about Medicare out-of-pocket expenses, you’ll probably be most satisfied with the most inclusive supplement plan. Mutual of Omaha Medigap Plan F claims about 40 percent of the Medicare Supplement market and protects you against deductibles, coinsurance, and even cases that Medicare itself won’t cover.

You can save on out-of-pocket costs with Mutual of Omaha Medigap Plan F in these ways:

  • Part A hospital coinsurance
  • Hospital costs up to 365 days after benefits through Original Medicare are exhausted
  • Part A hospice care copays or coinsurance
  • Part A deductible
  • Part B deductible ($198 in 2020)
  • Part B preventive office visit coinsurance
  • Part B coinsurance or copays
  • Excess charges for Medicare Part B
  • First three pints of blood needed for a medical procedure
  • Coinsurance for care in a skilled nursing facility
  • Limited foreign travel emergency care

Mutual of Omaha Medicare Supplement Plan G Benefits:

You may benefit from Mutual Of Omaha Medigap Plan G because the only thing it leaves out is the modest Part B deductible payment. Since this plan is cheaper than Mutual of Omaha Plan F, you may be able to save some money. In the worst case, you should come out about even.

Mutual of Omaha Medicare Supplement Plan N Benefits:

With Mutual of Omaha Medigap Plan N, you will pay a $20 copay each time you go to the doctor and $50 copay for the emergency room. Mutual of Omaha Plan N doesn’t cover the Part B deductible, and it also won’t pay for costs exceeding what Medicare allows, unlike Plan G and F. If you don’t expect to need many health services, the cheaper rates for Plan N can save you some money.

Which Medicare Supplement Plan is Better for You?

If you’re a reasonably healthy Medicare beneficiary, choosing one of the more economical supplement plans could help you save in the long run. However, as we age, health can become quite variable. Make sure to choose a program that fulfills the requirements you foresee yourself needing — generally, the more coverage, the better.

One thing to keep in mind is the Guaranteed Enrollment Periods that are available. During these times, you don’t have to answer health questions, and many people can save quite a bit on their plan. It could prove to be a great time to enroll in Plan F.

On the other hand, you won’t be taking much of a risk if you choose Mutual of Omaha Plan G or N. You can save money on monthly payments, and they both provide fairly comprehensive protection against medical expenses. The biggest drawback to Plan N might be the fact that it doesn’t cover excess charges. It’s hard to know if Medicare will keep up with the cost of an average doctor’s visit in the future. So far, the Part B deductible remains modest, so Mutual of Omaha Medicare Plan G is often the best compromise for many individuals.

When to Enroll in a Mutual of Omaha Medicare Supplement Plan

For most people, the enrollment process starts the month they turn 65 and they opt-in for Medicare. This first plan lasts for six months, but it’s recommended that you have your Medicare supplement plan in place as soon as you begin with Medicare. Some individuals have insurance from a job, union, or the government, so they may delay their enrollment period until they lose it.

There are circumstances that you can use to trigger a Guaranteed Election Period. For example, you might lose your insurance because the insurer withdraws from your service area. In other cases, you might move away from your old plan’s service area. The beauty of these periods is that you can apply for a new or replacement Medicare Supplement plan without having to answer health questions. The insurer can’t decline your application or decide to charge you more because of your health in this situation, either.

You shouldn’t assume that they will discard your application just because of minor medical issues that are common as people age. You can apply for a Medicare supplement at any time of the year, so you don’t have to wait for Open Enrollment, as you do with Medicare Advantage. Keep in mind that you can’t have a supplement and Medicare Advantage at the same time. One benefit of Mutual of Omaha’s application is that it is designed to let you know if you’ll be accepted, meaning you don’t need to waste time applying for a plan for while you are ineligible.

Sample Rates for Mutual of Omaha Medicare Supplement Plans

Having a rough idea of average monthly prices will give you a better idea of what plan is right for you. Here are a few sample rates for a 65-year-old man who doesn’t use tobacco and lives in selected areas of the country. Your rate will vary based on your location and other factors.

These are the sample monthly Medicare Supplement plan prices:

Plan F: $140-$200
Plan G: $100-$164
Plan N: $80-$122

Please note: Our website isn’t endorsed or supported by Mutual of Omaha. These Medicare Supplement rates were accurate for a specific ZIP code at the time they were retrieved. It’s very likely that they won’t reflect your rates, but they should still give a generalized idea of the quotes you may experience, depending upon location and coverage.

You can see that the difference between Mutual of Omaha Medicare Plan F and Mutual of Omaha Plan G can average about $40 a month. That discrepancy is close to $500 a year. As a point of reference, the Medicare Part B deductible was around $200, making it seem like Mutual of Omaha Plan G could offer people an easy and accessible way to save money on your insurance needs.

Why Choose Mutual of Omaha Medicare Supplement Plans?

Almost every Medicare beneficiary chooses to enhance their plan with a supplemental insurance plan. As a Medicare beneficiary, you have many options when it comes to choosing your supplemental Medicare insurance.

Medigap plans offer stability and assurance that out-of-pocket costs will be controlled. Mutual of Omaha has established proven quality and experience, acting as a top-tier insurance company and provider of Medicare insurance. They’ve achieved a top rating from the Better Business Bureau for decades and rank as one of the United States most financially stable insurance companies. They offer fast approvals and quick access to membership materials. When you compare Medicare Supplement quotes, you should find that this company offers competitive prices for each of their plans.

Quotes for Mutual of Omaha Medicare Supplement Plans

With so many supplemental insurance plans on the market, it can be difficult to understand what each insurance plan has to offer. Having guidance when choosing an insurance plan can help you be sure that you’re making the right decision for you. At My Medigap Plans, we help people like you find the right supplemental Medicare insurance for their needs.

You can call us today to speak with a licensed agent about your supplemental insurance needs. On the call, you can ask any questions you have about the different policies offered. Then one of our representatives will go through your preferences and your budget to help you obtain the best Medicare insurance at the most competitive rate.

Please note: We are not Mutual of Omaha. This text is a third-party general overview of Mutual of Omaha Medicare Supplement plans. Refer to your complete policy for full coverage details.

[1] https://www.healthcare.gov/glossary/out-of-pocket-maximum-limit/

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