by Russell Noga | Updated August 8th, 2023
Mutual of Omaha is regarded as one of the best companies in the Medicare Supplement Insurance industry. In fact, millions of Medicare beneficiaries choose Mutual of Omaha for their supplemental insurance.
One of the main features that make this company so appealing is the low rates they charge on the policies they offer. Not only do they charge low starting rates for new enrollees, but they have a reputation for charging minimal rate increases.
When it comes to selecting a carrier for your Medicare Supplement plan, the cost has a big influence on your decision.
Is Mutual of Omaha the right provider for your Medigap insurance for the long haul? Keep on reading to learn more about Mutual of Omaha’s history of Medicare Supplement Insurance rate increases.
The Lowest Rate Increases: Medicare Plan N
Medicare Plan N historically has the lowest rate increases of all the most popular Mutual of Omaha Medicare Supplement plans each year. This is because of its cost-sharing options that come with Plan N. These include copays that you might be required to pay for each doctor’s or emergency room visit.
This helps keep rates low each year.
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About Medicare Supplement Insurance
Medicare Supplement Insurance is a supplementary insurance that works in coordination with Original Medicare. It’s also known as Medigap, as it is designed to cover the “gaps”, or the out-of-pocket expenses that Medicare Part A (inpatient care) and Part B (outpatient care) don’t cover; copays, coinsurance, and deductibles, for example.
There are 10 lettered Medicare Supplement Insurance plans, and they’re sold by private insurance companies. Each lettered plan is standardized, meaning that no matter where you purchase a specific plan and no matter which insurance company provides the plan, it must offer the same benefits.
About Mutual of Omaha
Mutual of Omaha is a financial services provider that underwrites for Mutual of Omaha Medicare Supplement. The organization was founded in 1909 and since 1966, was chosen to administer Part A and Part B of Original Medicare.
The company has been dealing with Medicare ever since. Today, Mutual of Omaha is one of the most popular providers of supplement insurance among Medicare beneficiaries. The firm offers policies in 49 of the 50 United States (it doesn’t service Massachusetts), as well as the District of Columbia.
In addition to offering the standard benefits that are required by the federal government, Mutual of Omaha also offers their Medicare Supplement Insurance policyholders additional perks, such as discounted rates on vision care, hearing aids, gym memberships, health and wellness services, and supplies, and gym memberships.
The company also offers some of the steepest household discounts to those who reside with at least one other person who also has Medicare Supplement Insurance through Mutual of Omaha. Unlike other companies in the Medigap industry, Mutual of Omaha never charges any application fees. They’re also applauded for providing speedy approval times and for offering fast issuance.
With so many benefits, it’s easy to see why so many Americans choose Mutual of Omaha as their Medicare Supplement Insurance provider.
Mutual of Omaha Medicare Supplement Insurance Plans
There are a total of 10 Medicare Supplement Insurance plans. While the organization and its many subsidiaries offer several of policies throughout the United States, they mainly focus on Plan F, Plan G, and Plan N.
Medicare Plan F
Plan F is considered the most comprehensive Medicare Supplement Insurance plan, as it covers the most out-of-pocket expenses. Coverage includes:
In addition to providing 100 percent coverage for these costs, Plan F also covers 80 percent of any emergency medical care you receive while traveling abroad; if your policy is through Mutual of Omaha, the limit for this coverage is $50,000.
While Plan F offers the most exhaustive coverage, as of the start of 2020, it’s no longer an option for new Medicare enrollees. If you were enrolled in Medicare prior to that date and you had Plan F, you can keep your plan, and if you were eligible for Medicare by January 1, 2020 but you haven’t yet enrolled, you may still be able to purchase this plan.
Medicare Plan G
Plan G is the most comprehensive Medicare Supplement plan for new enrollees. This policy covers everything Plan F does, with the exception of the Part B deductible. You’ll have to pay the Part B deductible before Plan G kicks in.
Medicare Plan G typically has lower rate increases each year than Plan F.
Medicare Plan N
With Plan N, you’ll pay lower premiums but higher copays. It covers everything the previous Plan G covers, except the Part B copay. You’ll need to pay up to $20 per office visit and $50 per ER visit (waived if you’re admitted).
Out of all the Medigap plans, Plan N has averaged the lowest rate increases each year for Mutual of Omaha and other companies.
How Much Does Mutual of Omaha Medicare Supplement Insurance Cost?
All private insurance companies that provide Medigap insurance determine the prices for the policies they offer, including Mutual of Omaha. The company can set prices using one of three methods:
- Community-rated pricing, which means all members of a community are charged the same rate, regardless of their age.
- Issue age, which means the age you purchase the insurance determines the price of your policy.
- Attained age, which means that the price is based on your age when the policy is signed and issued.
Other factors that Mutual of Omaha might take into consideration when determining your rate include your location, your sex when you apply, and inflation.
Keep in mind, the best time to apply is during the Medicare Supplement Open Enrollment period (the 6-month period on the first day of the month you turn 65 and you have Part B), as your health cannot be taken into consideration when determining rates, and you are guaranteed issuance.
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Frequently Asked Questions
What is the rate increase history of Mutual of Omaha Medicare Supplement plans?
Is Mutual of Omaha’s History of Rate Increases Important?
Yes and no. Like any other kind of insurance, the Medicare Supplement Insurance industry constantly fluctuating and changing. New companies come onto the market and old companies leave, which can influence pricing. Additionally, changes in regulation from the federal government, as well as inflation can impact rates. In this regard, the rates that all Medigap companies charge are impacted. Overall, however, Mutual of Omaha has a solid track record of charging minimal rate increases throughout their history.
To compare rates for Medicare Supplement Insurance from Mutual of Omaha and other reputable insurance companies, fill out the form to the right or contact us at 1-888-891-0229 today!
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.