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About Mutual of Omaha
The Mutual Health Benefit and Accident Association was incorporated in 1909, and became known as Mutual of Omaha in 1950 – a name that comes from the company’s headquarters in Omaha, Nebraska. The company started out selling exactly what the original name implied – health and accident insurance. By 1920 the company had expanded to 15 states, and by 1926 they added life insurance and annuities to their product lineup. By 1939 the company had gone nationwide.
Mutual of Omaha has always been active in sponsorships, including the Wild Kingdom series, the US Swimming Team, and several auto racing sponsorships. In 2016, Mutual of Omaha ranked at number 367 on the Fortune 500 list.
The company began administering Medicare plans upon its introduction in 1966, offering both Parts A & B. Today, the company writes only Medicare Supplement Insurance. However, in 2014 they became the first insurance company to offer online applications for Medicare Supplement coverage, although the service is not yet available in every state.
Medicare Supplement Plans
Mutual of Omaha writes Medicare Supplement plans to help cover the out of pocket costs that aren’t covered under Medicare. They don’t currently write Medicare Advantage (Part C) or Prescription Drug Coverage (Part D). Only those who are already enrolled in Original Medicare, Parts A & B, are eligible for Medicare Supplement coverage.
The Mutual of Omaha website does not provide a rundown of which Medicare Supplement plans are available unless you enter a zip code; like most companies, the available benefits vary by state. Currently, the company does not offer online quoting or plan information for every state. This will mean that those in states where online services are not offered will need to contact a Mutual of Omaha agent to find out which plans are available. This is also true in order to obtain a rate quote.
A search using a California zip code came back with three available plans – A, G, and F. Plan A is the most basic Medicare Supplement coverage available, with Plan F offering the most coverage, including deductible coverage for Parts A & B as well as Foreign Travel Emergency coverage.
The limited access to online quoting and lack of readily available plan information makes it difficult to determine how the company compares to its competitors in terms of product offerings and price. According to the website, Mutual of Omaha does intend to extend online quoting across the country in the near future. In the meantime, it would be nice to at least have a list of available plans by state on the website for comparison. The lack of this information makes it difficult for potential customers to decide whether contacting an agent is worth their time and effort.
The requirement to reach out to an agent also creates a greater chance of the individual shopping for coverage finding their personal information on a solicitation list, something many people want to avoid.
Rates for Coverage
The rates quote based on a California zip code for a woman aged 66 who is a non-smoker started at $164.69 for Plan A to $216.69 for Plan F. Mutual of Omaha also offers a discount on premiums for customers who carry more than one policy with the company, which the website states can reduce rates by 12%.
These rates are on the higher side when compared to other companies offering the same Supplement plans, in some cases almost 50% higher. The discount may mitigate some of the added cost.
Ratings and Reviews of Mutual of Omaha
Unlike many other insurance companies, it’s actually possible to find reviews of Mutual of Omaha directly pertaining to their Medicare coverage.
Consumer Affairs has a page dedicated solely to reviews of the company’s Medicare Supplemental Insurance policies. Not surprisingly, there are quite a few negative reviews, as is the case with any major insurance company. Some of the reviews seem to be a case of confusion, as they don’t relate to Medicare insurance at all, but rather a different product line. Overall, the total number of star-rated reviews is only 20, out of 31 people who wrote reviews. That’s a pretty low overall number, and some of them are actually 5-star reviews – not enough though to raise the overall star rating, which sits at 1.5. The main complaints are similar to other insurance companies – denial of claims and slow response time.
Pissed Consumer has reviews of Mutual of Omaha, but they range from life insurance to disability with a few Medicare coverage reviews mixed in. Not surprisingly, the comments are mostly negative – rarely do we see anything positive on this review site, since it is mainly a complaint resource.
Mutual of Omaha has been Better Business Bureau accredited since 1940 and has an A+ rating. There were 128 complaints filed in the past three years – that’s a really small number for a large Fortune 500 company. 44 of those complaints were closed in the past 12 months.
Overall, Mutual of Omaha has a strong reputation. They have been around a long time, are very financially stable, and are known for community support and sponsorships. The number of complaints against them is relatively small, and there’s nothing in those complaints that isn’t commonly seen for all major insurers.
The Bottom Line
If you have Original Medicare and are looking for Supplemental coverage, Mutual of Omaha is worth considering. They have been around for over 100 years and have built a solid reputation. They don’t appear to have the biggest selection of plans, however, and if you aren’t in one of the states where online quoting is available, you will have to contact an agent. The availability of agents may be an appealing selling point to those who want some one-on-one advice on selecting the right Medicare plan.
Although the rates are a little high, they do offer a multi-line discount, so if you already have insurance through Mutual of Omaha, it would be worthwhile to find out what kind of discount you can receive.
For a list of companies that we recommend, visit our Best Insurance Companies page.