by Russell Noga | Updated January 29th, 2024
If you’re a Medicare beneficiary, you might be thinking about purchasing supplemental insurance to offset the out-of-pocket expenses that Part A and Part B don’t cover. Of the several different types of Medicare Supplement Insurance policies, Plan G is one of the most popular options. All Medigap policies are sold by private insurance companies, and Mutual of Omaha is one of the top providers.
Before you decide to purchase Plan G through Mutual of Omaha, however, it’s a wise idea to do your research so that you can make sure this company is the right option for you. A key element that you’re going to want to learn about prior to investing in Mutual of Omaha Medicare Supplement Insurance is the company’s history of rate increases for Plan G coverage so that you know how and why the rates on your policy could potentially change in the future.
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About Medigap Plan G
Medigap Plan G is one of the 10 standardized Medicare Supplement Insurance policies. Of the 10 different Medicare Supplement Insurance policies, Plan G covers the most out-of-pocket expenses, making it one of the most popular Medigap plans. It covers many of the expenses that Original Medicare – Part A and Part B – doesn’t cover. 
What Medicare Supplement Plan G Covers
Plan G is one of the most comprehensive Medigap plans available. This plan covers the following Medicare expenses:
- 100 percent of your part A deductible
- 100 percent of your Part A coinsurance and hospital costs after your Medicare benefits have been used up for up to an additional 365 days
- 100 percent of your Part A hospice copayment or coinsurance
- 100 percent of your Part B coinsurance
- 100 percent of Part B excess charges
- 100 percent of your coinsurance for skilled nursing facility care
- 100 percent of the first three pints of blood for medical procedures
- 80 percent of emergency medical care rendered within the first 60 days of traveling abroad
What Medicare Supplement Plan G Doesn’t Cover
Though this supplemental insurance will cover most of the gaps in Medicare coverage, it doesn’t cover everything. You will still be responsible for paying the following expenses:
- Your Part B deductible
- Long-term care, such as non-skilled care provided in a nursing home
- Prescription drugs
- Vision care, including prescription lenses or contacts
- Dental care
- Private-duty nursing care
Mutual of Omaha Medigap Plan G
Medicare Supplement Insurance is sold by private health insurance companies. Mutual of Omaha is one of the many private insurers that offer Medigap policies, including Plan G. Founded in 1909, this insurance and financial services company has a long-standing, reputable history. Mutual of Omaha offers Medigap insurance in 49 US states, as well as Washington, DC.
When you purchase Medicare Supplement Plan G through Mutual of Omaha, in addition to the standard benefits outlined above, you may also be eligible to receive the following perks:
- Access to the Mutually Well Program, the company’s wellness discount program. It provides discounted gym memberships, reduced rates on products and services that are related to wellness, and an app that can be used to plan out and keep tabs on exercise.
- Discounted rates on eye exams and corrective lenses, as well as hearing aids, from specific providers.
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How Mutual of Omaha Prices Medigap Plan G
All private insurance companies that offer Medicare Supplement Insurance plans set the prices for the plans that they offer. There are three different ways that all private insurance companies, including Mutual of Omaha, can price Medigap plans, including Plan G. These methods include:
- Community-rated. With community-rated pricing, all members pay the same price for the plan, no matter their age.
- Attained-age pricing. The most common model used to set Medigap prices, with aged-retained pricing, the price is based on the age you are when you sign the policy or when the policy is issued.
- Issue-age pricing. This pricing method is based on the age you were when you purchased Medigap insurance, which is locked in on the date that your policy begins.
There are other factors that can influence how Mutual of Omaha prices Medigap Plan G. These factors can include:
- Demographics. Demographics can be taken into consideration and influence how Mutual of Omaha prices Plan G. This can include your age, where you are located geographically, and your sex.
- The time you apply. The time that you apply for Medigap Plan G can also impact the rate Mutual of Omaha charges. If you apply during the Medicare Open Enrollment period – a 6 month period that starts on the first day of the month you turn 65 – not only are you guaranteed acceptance, but your rates may be lower, as the current status of your health and your medical history cannot be taken into consideration. If, however, you apply after the Open Enrollment period, your medical history and current health status can be considered can influence the price.
- Inflation. Similar to other kinds of insurance premiums, inflation can impact Medigap rates. If the overall cost of medical care increases, the rate for your Medicare Supplement Plan G could increase.
Does Mutual of Omaha’s Plan G Rate Increase History Matter?
Not necessarily. Things change on a constant basis within the Medigap market which can influence pricing history. For instance, new insurance companies start selling Medigap policies, and companies that once sold them stop doing so every year. Additionally, insurers that offer Medigap policies can create completely new companies to sell Medigap policies under, including Mutual of Omaha.
Changes in the market – particularly the addition of new companies – impact rate history. As such, deciding whether you should purchase Plan G from Mutual of Omaha based on the company’s rate history alone really doesn’t make sense, as this information won’t tell you anything about potential increases in the future.
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Frequently Asked Questions
What is the rate increase history of Mutual of Omaha Medicare Supplement Plan G?
The rate increase history of Mutual of Omaha Medicare Supplement Plan G can vary over time. Insurance companies, including Mutual of Omaha, may adjust their rates periodically based on various factors such as medical cost trends, claims experience, and regulatory changes.
How often does Mutual of Omaha increase the rates for Medicare Supplement Plan G?
The rate increases for Mutual of Omaha Medicare Supplement Plan G can occur at different intervals. While there is no fixed schedule, insurance companies typically file rate changes with the state regulatory authorities and must comply with state laws regarding rate adjustments.
Are rate increases for Mutual of Omaha Medicare Supplement Plan G the same for all policyholders?
Rate increases for Mutual of Omaha Medicare Supplement Plan G can vary among policyholders. Insurance companies may use different rating methodologies, such as attained-age, issue-age, or community-rated pricing, which can result in different premium increases for individuals.
What factors contribute to rate increases for Medicare Supplement Plan G?
Several factors contribute to rate increases for Medicare Supplement Plan G, including medical inflation, increased utilization of healthcare services, changes in Medicare reimbursement rates, and the overall claims experience of the insurance company.
Is there a limit to how much rates can increase for Mutual of Omaha Medicare Supplement Plan G?
The rate increase limits for Mutual of Omaha Medicare Supplement Plan G can vary by state. Some states have regulations that limit the rate increases an insurance company can apply to their policyholders, while other states may not have specific rate increase restrictions.
What should policyholders expect when they receive a rate increase notice for Medicare Supplement Plan G?
When policyholders receive a rate increase notice for Medicare Supplement Plan G, they should review the details provided by the insurance company. The notice will typically explain the reason for the increase, the new premium amount, and any options available, such as switching to a different plan within the same insurance company.
What actions can policyholders take if they are not satisfied with a rate increase for Mutual of Omaha Medicare Supplement Plan G?
If policyholders are not satisfied with a rate increase for Mutual of Omaha Medicare Supplement Plan G, they can explore options such as shopping for coverage from other insurance companies or working with a licensed insurance agent to compare plans and find a more affordable option.
What is the difference between Mutual of Omaha Medicare Supplement Plan G and Plan N in terms of rate increases?
Mutual of Omaha Medicare Supplement Plan G and Plan N may have different rate increase patterns. Plan G generally offers more comprehensive coverage than Plan N, which may result in slightly higher premium increases over time. However, the specific rate increase history can vary based on multiple factors.
Can policyholders switch from Mutual of Omaha Medicare Supplement Plan G to Plan N to avoid future rate increases?
Yes, policyholders can switch from Mutual of Omaha Medicare Supplement Plan G to Plan N. However, it’s essential to carefully review the coverage differences between the two plans and consider how the change may impact your overall healthcare costs and needs.
Is Mutual of Omaha a reliable provider for Medicare Supplement plans despite rate increases?
Yes, Mutual of Omaha is a reliable provider for Medicare Supplement plans. They have a long-standing reputation in the industry and offer a range of plan options to meet the needs of Medicare beneficiaries. While rate increases are a common occurrence in the insurance industry, Mutual of Omaha’s stability and strong customer service can provide peace of mind.
Find the Right Medicare Supplement Insurance Plan Today!
If you’re trying to determine which Medigap plan to purchase, comparing quotes from several different insurance companies is an important part of the process. To receive quotes from the top insurers in your area – including Mutual of Omaha – just fill out the form to the right of your screen. You can also call 1-888-891-0229 and one of our licensed agents will be more than happy to assist you with your needs.
Russell Noga is the CEO and Medicare editor of Medisupps.com. His 15 years of experience in the Medicare insurance market includes being a licensed Medicare insurance broker in all 50 states. He is frequently featured as a featured as a keynote Medicare event speaker, has authored hundreds of Medicare content pages, and hosts the very popular Medisupps.com Medicare Youtube channel. His expertise includes Medicare, Medigap insurance, Medicare Advantage plans, and Medicare Part D.