UPDATED: Nov 30, 2018
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About Mutual of Omaha
Mutual of Omaha – named for the city in which it was founded – started out as Mutual Health Benefit and Accident Association in 1909. Originally offering just health and accident insurance policies, they added life insurance in 1926, and by 1939 had expanded to offer insurance in all parts of the country.
Mutual of Omaha ranked at number 337 in the Fortune 500 for 2018, a ranking that has continued to rise in the past few years. They keep their name out there with a list of sponsorships that includes the well-known TV program Wild Kingdom and the U.S. Swimming Team.
Since Medicare was introduced in 1966, Mutual of Omaha has been an approved provider. Today they offer only Medicare supplement and were the first company to introduce online Medicare supplement applications.
The company’s headquarters remain in Omaha, Nebraska, and they sell policies mainly through independent agents. Online applications are available in some states, but the agent remains this company’s preferred method of bringing in new business.
Mutual of Omaha Medicare Supplement
Mutual of Omaha does not write any Medicare Advantage or Part D coverage, offering only a selection of Medicare Supplement policies.
The availability of these policies varies from state to state, and the website allows visitors to search by state to see which of the standardized letter-coded plans are offered in that area.
For the purpose of this review, we selected California as our sample state, where Mutual of Omaha does offer online quoting and online applications as well. Online quoting is not currently offered in every state, which could make obtaining rate and plan information harder for those in other states.
There are five Medicare Supplement plans available in California: A, F, F with a high deductible, G, and N. That is less than half of the 11 standard plans companies can choose to offer. Still, they offer a decent selection that includes the base plan – A – and the most comprehensive plan – F.
Plan F covers all of the out of pocket expenses that are not covered by Medicare, including coinsurance, copays, and deductibles. As a result, it is usually the most expensive plan offered by any Medicare Supplement provider. The high deductible option offers an option to get that coverage at a reduced rate in return for a flat out of pocket deductible amount.
The other two plans available offer in-between coverage, providing a small but generally decent range of budget options.
We ran a rate quote for a 65-year-old woman in California who is a non-tobacco-user as a sample.
The base plan, Plan A, came back at a rate of $164.49 a month. Although Plan A is the most basic with the lowest amount of coverage, Plan N returned a slightly lower rate at $158.71.
Not surprisingly, Plan F is the most expensive at $231.85 a month, but the high deductible option drops that rate to $68.67 a month. While the Plan A rate has not changed since our last look at this company, the Plan F premium has gone up by about $15.
These rates still place Mutual of Omaha among the more expensive choices for Medicare Supplement, with the same coverage available for much less elsewhere. This is especially true for Plan F, which we have seen as much as 20% lower from other companies.
Like most Medicare Supplement providers, Mutual of Omaha does not give much information with regards to claims. Most claims will be handled directly with the provider, although the member may need to request a reimbursement in some situations.
Mutual of Omaha has a forms section on the website where claims forms can be found if needed, but we were unable to find forms that appear to directly relate to Medicare.
Ratings and Consumer Reviews
As of the time of this review, Mutual of Omaha holds an A+ rating with the Better Business Bureau (BBB), where there are 109 complaints on file in the past three years. Of those complaints, 34 were closed in the past 12 months. This is a low volume for a company this big.
There are 50 reviews of Mutual of Omaha’s Medicare Supplement insurance on Consumer Affairs. The company has a rating of just over two stars overall based on the 39 reviews that contain star ratings. A lot of the complaints centered on price increases and difficulty with claims – but many positive reviews cited no problems with using the coverage. In recent months, the company does appear to be taking the time to respond to complaints.
Overall, Mutual of Omaha does not have many complaints considering their size, and the positive reviews go a long way towards stabilizing their reputation.
The Bottom Line
Mutual of Omaha has a few good options and a solid reputation for Medicare Supplement, but they are expensive. Their rates have increased in recent years, both according to our sample quotes and to the people leaving reviews online. Since Supplement plans are standardized, the same coverage can easily be found elsewhere for less; it is, however, up to the individual whether Mutual of Omaha’s good reputation makes up for higher rates.
For a list of companies that we recommend, visit our Best Insurance Companies page.