Mutual of Omaha was one of the first companies in the US to provide Medicare Supplement coverage. The firm has a strong reputation and an excellent track record, so it’s quite popular among policyholders.
Before we dive into this Mutual of Omaha Medicare Supplement Plans review, you should note that the government standardizes all Medicare Supplement plans, and all companies offering this coverage must provide the same benefits.
Founded in 1909 by Harry S. Weller, Mutual of Omaha has been in the business of financial and supplement industry for more than a century.
The company was formally known as Mutual Benefit Health and Accident Associations and experienced rapid growth in its early days.
In less than 20 years after its founding, it was already serving 15 states. In 1920, the incoming premiums crossed the $1 million mark.
Less than two decades later, the company had expanded and was licensed to provide insurance services in 48 states.
If you are looking for a Medicare Supplement provider, Mutual of Omaha is one for the books. Over the years, the company has grown and expanded tremendously.
It surpassed the $1 billion in insurance claim payouts by 1960 and, a few years later, became a household name due to its part in the “Wild Kingdom” show.
As of today, Mutual of Omaha is one of the largest insurance and financial services providers in the country.
It owns several subsidiaries including:
- United of Omaha Life Insurance Company
- Mutual of Omaha Investor Services Inc.
- Omaha Insurance Company
- East Campus Realty LLC.
- United World Life Insurance Company
- Companion Insurance Company
- Omaha Financial Holdings Inc.
By 2016, the company’s assets exceeded $37 billion, and that value has only increased since then.
Mutual of Omaha was one of the first insurance and financial services providers to offer online application for Medicare Supplements in 2014. As a result, customers were able to submit applications and follow up claims online.
The desire to provide superior customer experience drove them to launch Prescription Drug Plan, Medicare Advantage, and Medicare Part D coverage in 2018.
Mutual of Omaha has been a Better Business Bureau accredited business since February 1940.
It has unwavering financial and staying power, securing excellent financial ratings with organizations like A.M. Best, Moody’s Investor Service, and Standard & Poor’s. A.M Best gave the company a grade of A+ (Superior) for the ability to meet its obligations to policyholders as well as overall financial strength.
Standard & Poor’s also gave the financial service provider an A+ (Strong) rating. Moody’s Investor Service gave Mutual of Omaha an A1 (Good) rating.
In 2017, Mutual of Omaha was ranked the 5th largest life insurance company in the United States by NerdWallet. This ranking, combined with the brand’s financial strength, gives customers peace of mind. With the company’s heritage spanning 100 years old, it will likely be around to pay health bills for years to come.
Unlike older insurance companies that are slow to adapt to evolving customer needs, Mutual of Omaha is keen to move with the times. It is no wonder at the time of writing this review, their customer satisfaction rating is 94%, and more than 90% of their customers would recommend them to family and friends.
Its customers have access to various types of insurance plans, eliminating the need for dealing with multiple policy providers. Also, whereas stock organizations are accountable to Wall Street, a mutual company like Mutual of Omaha is only responsible to its policyholders. This aspect is reflected in their high customer satisfaction ratings.
Mutual of Omaha offers a variety of insurance services across 48 states and two territories in the US, including Texas, Oregon, Georgia, Nevada, Illinois, California, Arizona, and more. Florida and New York are the two excluded states.
Some of its insurance products, in addition to Medicare Supplement plans, include Term Life Insurance, Whole Life Insurance, Accidental Death Insurance, Children’s Whole Life Insurance, and Cancer Insurance.
Medicare Supplement coverage is available to individuals over 65 years old or anyone with a qualifying disability—if you qualify for Medicare, you are eligible for Medicare Supplement coverage.
You can’t be denied or have your coverage canceled due to a medical condition.
Customers can choose from multiple plans to help offset costs associated with Medicare, such as deductibles, coinsurance, and co-pays. Its purpose is to fill coverage gaps.
As we stated above, the coverage offered by any medigap plan will be the same across all the companies. This means price is usually the main factor when you are shopping for your plan.
That being said thee other companies that are well respected in the Medicare supplement market are:
AARP – AARP partners with United Healthcare to provide their coverage.
CIGNA – Cigna has a top rating witih A.M. Best and coverage for over 95 million Americans.
AETNA – Offers one of the best online portals for understanding and managing your coverage.
There are many reasons why Mutual of Omaha is a top choice for Medicare supplement coverage, including:
- Mutual company
- Excellent satisfaction ratings
- Fast policy approval
- User-friendly online portal
- Initial one-year rate lock-in
- Renewable coverage for life
- 12% household discount
- 30-day free look period
- Temporary ID delivered via email
Some downsides to consider before purchasing a Medicare Supplement policy from Mutual of Omaha include:
- Not necessary for employees with Part A and Part B coverage
- Doesn’t cover all states in the US
- Policyholders are still required to pay coinsurance and co-pay fees
- Rates have been increasing gradually over the past few years
Mutual of Omaha Medigap Review Final Thoughts
Mutual of Omaha’s regulated Medicare Supplement plans are suitable for senior citizens and individuals with specific disabilities.
The firm has an excellent reputation and a strong heritage that spans 100 plus years in the financial and insurance industry.
While the rates are slightly higher than some medigap insurance companies, Mutual of Omaha boasts one of the best customer satisfaction ratings in the country.