Supplemental insurance provides seniors with additional healthcare benefits that can be added to an Original Medicare plan.
Some seniors need more benefits than others because of their extensive healthcare needs and their preexisting medical conditions.
That is why Medicare Supplement Plan F Mutual of Omaha is a popular plan among seniors who have reached age 65 and become eligible for both Medicare and Medicare Supplements.
This is a strange plan, though, in that it is not available to every senior.
Those who are enrolling in Medicare any time after January 1st, 2020 won’t be able to sign up for Plan F, and there is a good reason for that.
We’ll explain all of that and tell you about this Supplement plan and what it covers for you.
We’ll also tell you about Mutual of Omaha and how they work hard to benefit their members who enroll in Plan F and other supplemental insurance plans from them.
Click below to learn more!
Mutual of Omaha Medigap Plan F Benefits
This is a health insurance plan that isn’t designed for all seniors.
It offers such powerful and complete supplementary coverage that it wouldn’t make sense for a lot of people to enroll in it, especially when there are other lower coverage plans available.
Plan F can be pretty expensive as well. Because it is the only Supplement plan to offer full medical benefits for supplementary expenses that gives it a kind of prestige status, and what a lot of insurance companies have done with this plan is the price is much higher than even those Supplement plans that are very similar to it.
They figure that because Plan F can be labeled as complete coverage or full coverage plan, it can get given special status and a higher price tag.
Mutual of Omaha tries to price its Plan F affordably and give it a competitive rate, but they are subject to the new laws regarding Plan F that all health insurance companies are.
In 2015, the US government enacted legislation to limit who Plan F could be sold to.
Plan F has its limitations
The government saw that Plan F was being overpriced in many instances without offering substantially better coverage than the other Supplement plans, so they limited who was able to enroll in Plan F starting on January 1st of 2020.
Since that point, only those who were already Medicare subscribers could enroll in Plan F. Everyone enrolling in Medicare after that point has to pick a different Supplement plan.
This puts Plan F on the delisted set of Supplements, making it hard for many insurance companies to keep up their Plan F subscriber numbers.
Many seniors are dropping Plan F to choose something that costs less and gives them more value, especially since this particular Supplement plan is considered part of a closed risk pool where fewer subscribers mean fewer profits for the insurers unless they drastically raise prices.
Medicare Plan F Benefits
Let’s tell you about the medical benefits that Plan F offers now.
We said already that this is a complete Supplemental plan, meaning that it covers all the available supplementary expenses for you and it goes farther in its coverage than any of the other supplementary insurance plans.
All of the other Supplement plans pull their coverage from the list of items that Plan F will cover you for.
Let’s go over that list, starting with Medicare Part A’s annual deductible. This one-time fee costs a whopping $1,408, though that price may change from year to year.
You need to pay this deductible before you can receive any medical benefits from Medicare Part A related to Original Medicare.
Of course, you need to be enrolled in an Original Medicare plan before you can receive any coverage from a Medicare Supplement since Supplements need an Original Medicare plan to supplement.
Under Plan F’s coverage, you will also enjoy benefits for Medicare Part B’s annual deductible of $203.
This is one of the few Medicare Supplements that will cover this expense and the only one that Mutual of Omaha sells.
A Medicare Supplements Plan F Mutual of Omaha policy will also cover you for your copayments related to Medicare parts A and B, which help with the out-of-pocket costs for hospital stays for an additional 65 days beyond what Original Medicare covers.
You’ll also be covered for copays when you go to the emergency room or visit your doctor, as long as they accept Medicare.
If you need to go to a doctor who does not accept Medicare, then you can be covered for those Part B excess charges under Plan F.
This is an uncommon expense but certainly a helpful one to have covered for those who need it.
Plan F also helps you by covering the hospice coinsurance costs, giving you more complete hospice benefits.
It does the same with your nursing care, covering you for coinsurance costs there and filling out your nursing care benefits.
Seniors who have Original Medicare know that this government plan will cover them for all the blood that they use during surgery and other procedures during the year except for the first three pints.
Plan F covers those remaining three pints for them.
Foreign Travel Benefits on Plan F
Foreign travel costs for emergency medical services will be observed too, with Plan F taking care of 80% of your per-incident expenses and giving you $50,000 in lifetime coverage for this service.
That’s all the benefits you get with Plan F, and with that powerful coverage package helping you out, you should have very little you need to pay for out of pocket.
You may be able to add other health insurance plans on top of the Supplement Plan F policy, such as a prescription drug plan with Medicare Part D.
However, Plan F is not compatible with other Supplement plans or with Medicare Advantage because they overlap with one another.
Mutual of Omaha Medicare Supplement Plan F
Plan F, like all of the Medicare Supplements, has guaranteed coverage that Medicare has created.
What this means is that Mutual of Omaha sells the exact same Plan F as other insurance companies.
So, why does it matter whether you buy your Plan F through Mutual of Omaha or another insurer?
The pricing would be one reason. Each insurance company sets its own rates for these plans, and Mutual of Omaha does a good job of keeping its rates low.
If you look on our site for quotes, you will see how Mutual of Omaha compares to the other insurance providers for your area. You can see if they have one of the better rates or not.
When you search on our site, you’ll receive a listing of prices that are based on your local area, and that can help you to find the most affordable version of the Supplement plan that you want.
You should also consider Mutual of Omaha because of its great reputation for customer service.
They have member perks like gym access, discounted chiropractic and acupuncture services, and more.
They also guarantee your renewal for your entire life if you enroll with them, meaning that even if you develop serious medical conditions, you can still renew your coverage from year to year.
The initial year you are enrolled with them, your rates are guaranteed to stay the same.
They could go up afterward, but you get locked-in rates for the first year.
Mutual of Omaha does a lot to ensure that its customers are satisfied with the treatment they receive and with the services that this company offers.
They do this by offering great customer service, a fast and easy claims process, and helpful insurance counseling services.
You can read some customer reviews from people who have enrolled in their plans to get an idea of what people think of this insurer before you sign up.
Medicare Plan F – Is it Right for You?
Before enrolling in Medicare Supplement Plan F, consider your other options as well. Many seniors choose Plan G instead or even Plan N with its lower coverage and lower price tag.
It’s not just the cheaper price that makes people attracted to these plans. Obviously, some people will not be able to sign up for Plan F because of the limitations of the plan and when those people are enrolling in Medicare.
Remember that you cannot sign up for Plan F if you are just getting Medicare now.
Some people choose an alternative to Plan F because they believe it is more cost-effective for them.
Mutual of Omaha Medicare Supplement Plan G
We would have to agree, especially if you look at the minor coverage differences between Plan F and Plan G or Plan F and Plan N. They offer nearly the same benefits but plans G and N have markedly lower rates.
You’ll see that if you use our site to source some quotes.
Plan F may not be the right choice because it may not be as economical as one of these other plans.
We urge you to consider how cost-effective Plan F would be compared to the cost-effectiveness of Plan G or Plan N. With Plan G, you only lose coverage for the Part B annual deductible.
With Plan N, you lose that same deductible benefit as well as benefits for some copays and for the Part B excess charges. None of these are hugely expensive items or something that seniors would struggle to pay for.
This is why it may be better for you to sign up for a slightly more conservative and stripped-back health insurance plan if you are looking to save some money on healthcare and health insurance throughout the year.
Call us today to get started!