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Mutual of Omaha Medicare Insurance Review & Complaints: Life Insurance

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Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best...

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UPDATED: Sep 21, 2020

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With over 100 years in business, Mutual of Omaha has a long history and a solid foundation. They focus on life insurance and a selection of supplemental policies, including Medicare Supplement insurance, which they offer across the country.

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.

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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.

Rates

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.

Claims

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.

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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.

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Review Information

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About Eric Stauffer

Author: Eric StaufferI am a former insurance agent and banker turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

5 Comments

  1. My husband has had United of Omaha Plan G for over three years and has not had any problems with them thus far.

    My question is: what happens when you have a problem overseas?

    I know Medicare does not cover anything outside of the US, but supposedly the supplement has an overseas limit for accident or sickness.

    Do we file directly with U of O for bills that we need to pay out of pocket and then file out a claim form for reimbursement?

    What about pre-approval for inpatient/outpatient surgeries?

    Does U of O require that even if it is an emergency?

    I need answers quickly. Thank you

    Reply
  2. I find this review to be a bit misleading for Mutual of Omaha being expensive overall as a Medicare Supplement option, especially considering that California is one of the VERY few states where Mutual of Omaha is NOT one of the LEAST expensive options out there.

    I am licensed in over 30 states and can say with confidence that Mutual of Omaha dominates in a large majority of locations outside of the state of California.

    Another off comment in this review is about claims.

    Medicare Supplement claims first go to the primary insurance (Medicare) and the remaining portion is ALWAYS going to be picked up by the secondary insurance (Medicare Supplement) and having to submit claims is almost obsolete unless an error was made on behalf of the person who administratively botched a Medical code.

    In this case, a simple call to Medicare and the supplement insurance provider usually will resolve that matter.

    Over 1 MILLION Medicare Beneficiaries are on a Mutual of Omaha Medicare Supplement, which equates to roughly 1% of the US population, so for 109 complaints, which are probably due to people who don’t really understand the policy that they have and how it really works,

    I would say that they are one of the best options for most people to choose from.

    Another thing, saying that you advise against people talking to Medicare Supplement Salespeople is a bit of an insult to licensed insurance agents that are here for the explicit reason of fiduciary responsibility to assist clients in making a financially sound decision. People that sell Medicare Supplements are LICENSED for a reason, and that is so that they have to uphold a moral compass, and if the agents choose not to, they can lose that license and not be able to sell those plans. The exact reason that I choose to sell Medicare Supplements is that I can take my salesman hat off and be a real person, because of the fact that Medicare Supplements WORK!! I don’t have to lie about them or embellish the truth because the plans are standardized by the Federal Government and they HAVE to work exactly as stated. Being a licensed agent that sells Medicare Supplements can be rewarding financially, but it can be just as rewarding personally KNOWING that the coverage can mean the difference between life and death, or the difference between extreme debt from medical bills and financial stability for my clients because the supplement controls their medical costs.

    I haven’t offered or recommended Plan F to my clients long before it was scheduled to be discontinued due to the cost difference between F and G making G the obvious choice to recommend. If I were more concerned about making extra commission, selling Plan F would be the best way to do the opposite of what my career responsibility is. Most agents that sell Medicare Supplements, including myself, take pride in helping my clients make a sound decision, not the most expensive one, and that is why I represent several of the most competitive, highly rated carriers that I can. THAT is what makes my clients stay with my book of business for the long haul, is the fact that I do my BEST for them and treat them as the valued clients they deserve to be treated. Just my two cents.

    Reply
  3. I am an agent and I work hourly selling Mutual of Omaha supplement plans, so your statement regarding “incentivized by selling a plan, not finding one that is best for your mother” is untrue in some cases. For the most part, any agent with any integrity will do a needs analysis and find out what plan would suit the applicant. More often then not, the Plan G is usually the best value for the applicant when you compare the premium of F versus G. Usually the yearly premium difference between F and G, is more than the $183 Part B deductible, so the G would be the best choice for the applicant. Since all my calls are monitored and recorded, we as agents are required to think of the applicant first as I get paid the same whether the applicant signs up for an F plan, G plan or anything else. Independent agents who rely on commission may steer the applicant to the F plan as it is most expensive and thus the commission is more. So, making blanket statements as ” incentivized” is not true of all agents.

    Reply
  4. I have MOO gap insurance for my mother and have had it since April 2014. The 6 month premium is now $970. She has the “F” plan and I am considering changing to the “G” plan. I looked at what MOO paid out in 2016 for my mother and it was only $547 for the whole year and so far in 2017 they have paid out $490. So basically I am paying significantly more for the premiums ($161/month) than what they have been helping us with. Would Plan G make sense to change to?

    Reply
    • Hi Jennifer,

      It sounds like you are talking about medigap or medicare supplement insurance. Gap insurance is typically for a car that you owe more than the replacement value is.

      Regarding which plan you choose, there are so many variables that can impact your decision, and most of them are individual-based. I would recommend finding a local fee-based financial planner that also provides insurance help. You could pay them a flat fee and they can take a look at your mother’s health situation. This would help get a customized solution, and not a general internet recommendation.

      Its important to avoid an actual medicare supplement salesperson. They are incentivized by selling a plan, not finding the best one for your mother.

      Best,
      Eric Stauffer

      Reply

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