Every year we hear countless heartbreaking stories of seniors that were forced to break their retirement savings accounts for a hospital bill or treatment costs.
Purchasing a Medigap plan can give you additional healthcare insurance that Medicare doesn’t provide. They are sold by hundreds of different insurance companies in the United States, one of these companies is Mutual of Omaha.
The History of Mutual of Omaha
Mutual of Omaha has been in the insurance and financial services business since the early 20th century. Back in 1909, Harry S. Weller began a company by the name of Mutual Benefit Health & Accident Association in Omaha, Nebraska. Weller served as the company’s president for the next 23 years.
The insurer grew quickly, and by 1920, it was offering insurance coverage in 15 different states. In that same year, the insurer’s incoming premiums exceeded $1 million. It took less than 20 more years for the company to become licensed to offer insurance coverage in 48 U.S. states, as well as two territories. Are you looking for Medicare Supplemental Plans in South Carolina? We can help!
Continuing to grow and expand – and offering its products to individuals and families – by the late 1950s, the company had surpassed the $1 billion mark for paying out insurance claims. Just a few short years later, Mutual of Omaha became a household name, due in large part to its “Wild Kingdom” television show.
Mutual of Omaha Company Review
Today, Mutual of Omaha is a large insurance and financial services company, with several subsidiaries, including:
- United of Omaha Life Insurance Company
- United World Life Insurance Company
- Mutual of Omaha Investor Services, Inc.
- Companion Life Insurance Company
- Omaha Insurance Company
- Omaha Financial Holdings, Inc.
- East Campus Realty, LLC.
As of early 2016, Mutual of Omaha held more than $37.3 billion in assets. The company’s overall vision is “For every customer…a financial future imaged, planned and secured.” Mutual of Omaha holds several key values, as well, including that they:
- Exist for their customers.
- Act with integrity.
- Are innovative.
- Are accountable for results.
- Together achieve greatness.
Financial Ratings and BBB Grade
Mutual of Omaha is considered to be fiscally sound. The company also has an excellent reputation for paying out its policyholder claims. Because of this, the insurer has been given excellent grades from rating agencies. These include the following:
- A+ (Superior) from A.M. Best. This is the second highest possible rating out of a total of 16 given by A.M. Best.
- A1 (Good) from Moody’s Investor Service. This is the fifth highest possible rating out of a total of 21 given by Moody’s.
- AA- (Strong) from Standard & Poor’s. This is the fourth highest rating.
Also, Mutual of Omaha has a grade of A+from the Better Business Bureau (BBB). They have been accredited by the Better Business Bureau since February 1, 1940.
Over the past three years, Mutual of Omaha has closed a total of 127 complaints. Of these 127, seventy-six were due to issues with the company’s product and / or services. Another 22 had to do with advertising / sales issues, 18 had to do with billing / collection issues, six had to do with delivery issues, and five had to do with guarantee / warranty issues.
Insurance Products Offered by Mutual of Omaha
Mutual of Omaha offers a wide variety of different insurance coverage products to choose from. Having more choices allows its customers to better fit their coverage needs with the insurance products. The company provides Medicare supplemental insurance and several different types of life insurance products.
- Disability Insurance
- Long-Term Care Insurance
- Critical Illness Insurance
- Cancer, Heart Attack & Stroke Insurance
- Checking Accounts
- Money Market Accounts
- Credit Cards
As you can see, they offer plenty of products to assist their customers. Mutual of Omaha is one of the few insurance carriers to provide an online application for Medicare supplemental insurance, making it easy and convenient for individuals to apply.
Picking the Right Medigap Plan
How do you know which one is the best choice for you? You need to review some areas of your life.
If you are in an excellent bill of health with no serious health problems and a great family history then you can probably choose a plan that leaves more coverage gaps. Paying for a policy with extensive coverage, such as Medigap Plan F, might be a waste of money. Sure, you don’t know if you’ll have any seniors health expenses in the future, but you don’t want to waste money paying for additional coverage you don’t need.
Additionally, you need to consider your budget and see how much money you can realistically spend on additional health care coverage.
If you’re having problems deciding which of the ten plans fits your needs, our agents can help. They can walk you through the decision-making process.
How to Find the Best Rates on Supplemental Insurance Coverage
If you’re looking to get the best rates for a Medigap policy, you need to purchase one during your open enrollment This begins three months before you turn 65 and lasts until 3 months after.
If you apply during these six months, the insurance company can’t decline you or charge you more every month. If you’re in bad health, this could save you some serious cash.
After the six-month window, your application will be treated like any other insurance policy application. At this point, your health will be accounted for when they look at your application. This means that you can be facing higher monthly premiums or having your application denied. Being in good health, losing weight, and not smoking will drastically increase your chances of being accepted and getting affordable coverage.
For some people, they want more than Medicare provides. This is were Medigap plans can be an excellent tool. Don’t let hospital bills and medical expenses drain your bank account and turn your retirement dream into a retirement nightmare.
If you’ve decided you want to buy a supplemental plan through Mutual of Omaha, or you have no idea which company to choose, you should contact us either way. We can answer any questions and guarantee you’re going to get the best plan available.