Mutual of Omaha is privately held and is based out of Omaha, Nebraska. The company started back in 1909 and has grown over the years to include a number of subsidiaries. You may have heard of United World Life Insurance Company and Omaha Financial Holdings, which are owned by Mutual of Omaha. The company continues to expand and offer a variety of medical insurance plans and other investment and coverage options for seniors. One of their key plan types for the coming year is Mutual of Omaha Medicare Supplement plans 2020.
These are wide ranging plans that work in tandem with base Medicare to offer seniors powerful coverage for a variety of medical expenses. We want to talk a bit about these plans and what option are available for seniors. Hopefully, this information helps you make the right choice when it comes time to sign up for a medical insurance plan. You may look through the information here and decide that Medicare Supplements are not for you. That’s fine, as simply understanding your choices will help you to make a more informed decision and enable you to confidently choose one option over another.
How Supplement Plans Work
Medicare Supplements are not designed as standalone plans. That means that they need another kind of medical insurance plan to function properly. In this case, that would be basic Medicare. That Medicare plan covers many inpatient and outpatient expenses that are part of Medicare Part A and Part B, but it leaves some expenses from those for seniors to pay for themselves. These leftover expenses create gaps in coverage, and the Medigap or Medicare supplement plans fill in those holes.
There are 10 different Supplement plans, and we are going to look at some of the most notable ones- the ones that offer the best value and the ones that most people tend to sign up for. You can see a full listing of these plans and what they have to offer on Medicare’s website, so if none of these listed here seem to fit you, then you have some other options. Just be warned that Mutual of Omaha will not offer all 10 plans, and you may have to look elsewhere to find what you are looking for.
Mutual of Omaha Medicare Supplement Plan F 2020
Plan F is one of the most popular Medicare supplement plans, but that is not a status that will last for much longer. The plan is actually being partially discontinued, because no new subscribers are going to be able to sign up for it come January 1st, 2020. You can only access this plan if you are already signed up for it. That means the only way to get Plan F and its coverage is to renew your current Plan F. If you decide to cancel your Plan F coverage, then you won’t be able to get it back again the following year.
Plan F covers every supplemental expense, which includes all of the following:
- Foreign travel exchange (up to 80% on each incident)
- All blood usage not already covered by basic Medicare (up to three pints a year)
- Medicare Part A deductible
- Medicare Part B deductible
- Medicare Part A copayment
- Medicare Part B copayment
- Medicare Part A coinsurance for hospice care
- Medicare Part B excess charges (for when the healthcare provider does not fully accept Medicare)
- Nursing care coinsurance
Plan F is the only one of the Supplement plans to offer full coverage on all Supplement expenses. That means that it covers a lot, but you may still have other medical expenses left to pay when that coverage has been provided.
Mutual of Omaha Medicare Supplement Plan G in 2020
Plan G is very similar to Plan F in a lot of ways. It is not being discontinued, though, since it offers so much value to consumers. This plan has become Mutual of Omaha’s most popular plan, and it offers nearly full coverage for its subscribers. Out of all the Mutual of Omaha Medicare Supplement plans 2020 has to offer new subscribers, Plan G covers the most medical expenses. It covers everything we listed above for Plan F, except for the Medicare Part B deductible. That’s only a $185 charge (2019), though, so most seniors can easily pay that out of pocket.
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Mutual of Omaha Medicare Supplement Plan N in 2020
Plan N is another high value, high coverage plan from the Supplement lineup, and it covers the majority of the supplementary expenses. That would be all the supplemental items except for the Part B deductible (which is only $135.50, remember), Part B excess charges (which is a rare expense) and small copayments of $20 and $50 for visits to the doctor’s office and the ER, respectively. Plan N is considered to be one of the most cost effective plans out there, since it covers so much and yet is often sold at a very affordable rate.
You can use our website to compare it to other plans, and we encourage you to do so. Compare rates on Mutual of Omaha Plan N to other Plan N’s from other insurance providers. You can do this for free from our website as many times as you need until you find the plan that is perfect for you. Plan N is popular among seniors as well, and we expect many people to sign up for it in 2020 as a way to cut their costs and enjoy powerful coverage for their healthcare.
Mutual of Omaha Medicare Advantage Plans for 2020
Mutual of Omaha also offers another kind of medical insurance that is related to Medicare. That’s the Medicare Advantage plans, sometimes called Medicare Part C. These plans offer coverage that is different from Supplement plans and that does not require a subscription to Medicare’s basic plan. In fact, Advantage plans replace original Medicare and offer additional coverage, such as for emergency medical care and urgently needed care. They can also cover you for prescription drugs and your various checkups you need throughout the year.
Mutual of Omaha is starting to offer these in various markets around the country, and these plans are not compatible with Supplement plans since the two overlap in some small ways. If you find that Supplement plans don’t meet your needs and are not robust enough, then you may want to consider Advantage plans. Like the Supplement plans, these are something you can compare right here on our website and see how the different insurance companies price them. That’s a great way to find big savings on the insurance plan you need and make sure you are not overpaying for your coverage.
Enrolling in a Mutual of Omaha Medicare Supplement in 2020
Once you turn 65, you will be eligible for Medicare Supplement plans from any provider you like. You can apply during the Open Enrollment period, which begins the day you turn 65 and lasts for six months. Open Enrollment means you can apply and be guaranteed the plan of your choice with no medical underwriting. Your preexisting medical conditions will not factor into the price, and you get the best rate possible during this period. Be sure to sign up before the end of the year so that your coverage can start at the beginning of 2020. You will be covered for a full year, and you will enjoy steady rates and coverage during that time. The rates may change when it comes time to renew your plan, so be aware of that and use our website to compare prices to see if Mutual of Omaha is the right choice for you or if there is a cheaper option out there.
Be aware that Supplement plans can overlap with other plans beside Medicare Advantage. They are also not compatible with many employer medical insurance plans or insurance coverage from your union, if you have either of those. Any overlap will result in denied applications or the cancellation of one of your plans.
You must be signed up for Medicare’s original plan in order to receive supplementary coverage. You can apply for a Supplement plan before you have Original Medicare, but it won’t be active until the Medicare plan is active. Many seniors choose to sign up for both at the same time.
Medicare Supplements may be the right choice for you for 2020, but you will need to compare what they have to offer to your own medical expenses and needs. Be sure to choose a plan that covers you not just for right now but that will also provide adequate coverage for the coming year. We recommend that you talk to you doctor about your medical status and how that could affect your healthcare moving forward. This will give you an idea of what you should be trying to cover for the 2020.
If you have any questions about Mutual of Omaha Medicare Supplement plans 2020 is offering, then please don’t hesitate to get in touch with us. We will be happy to provide answers and advice for you to ensure you can choose your coverage plan with confidence.