Medicare Supplement Quotes

Omaha Insurance Company

Written by Evens Stevenson

Through the years, Medicare has continued to refine the program and offer coverage to millions of seniors.

But, while Medicare does offer coverage for a long list of items, this program can also be riddled with out-of-pocket costs. These will typically include deductibles, copayments, and coinsurance. Because of this, some Medicare enrollees are unable to afford the health care that they truly need.

To fill in the holes, you can buy a supplemental insurance plan. These plans pay for the parts Medicare doesn’t.

Each of these Medicare Supplement plans is named after a letter of the alphabet. Medigap A is the standard, and offers the least amount of protection. The other plans include the basic protection from A, but add other categories.

Unlike other kinds of insurance policies, the government plays a significant role in the coverage they can offer. There are government regulations on the coverage, every company who offers a plan has to give the same protection. This means, a Plan N from one company is the same as a Plan N from another company.

If the coverage is the same with every company, why does it matter which company you choose? The price! Just because they have the same protection doesn’t mean they have the same rates.

To help you find the perfect company, we’ve outlined some of the most popular companies out there. We’re going to show you some of the advantages of companies and what you should be wary of. This article is going to detail Omaha.

The History of Omaha Insurance Company

Omaha Insurance Company is a part of the Mutual of Omaha family of companies – which have been serving customers with their protection products ever since 1926. This family of insurance carriers was initially founded in 1909, so it has well over a century of experience behind it.

Throughout the past 100+ years, the Mutual of Omaha group of insurance carriers has grown and expanded exponentially – with more than $27 billion in assets under management. The insurer has a broad portfolio of products available to its customers – which primarily focus on the senior niche.

Today, millions of people throughout the United States are familiar with the Mutual of Omaha and its affiliates due to the company’s vast marketing and sponsorships, such as Mutual of Omaha’s Wild Kingdom, USA Swimming sponsorship, Mutual of Omaha BREAKout! swimming clinic sponsorship, the PGA, Champions, LPGA and nationwide professional golf sponsorships, and its national television ads which feature “aha” moments.

Omaha Insurance Company Review

The Mutual of Omaha insurance companies – including Omaha Insurance Company – have been serving the Medicare Supplement insurance market since Medicare started in 1966. In fact, they are one of the few original carriers that are still working in the Medicare Supplement coverage market.

Over the years, these companies have brought in more than $2 billion in earned Medicare Supplement premiums on an annual basis – and they currently insure more than one million policyholders.

Since 1966, these companies have paid nearly $10 billion in Medicare Supplement insurance benefits. They also work to support Medicare Supplement insurance coverage via various legislative efforts in Washington, D.C.

Omaha Insurance Company, as a part of Mutual of Omaha, offers affordably priced Medicare Supplement insurance coverage nationwide. In doing so, the company releases additional plans where they are needed to continue maintaining its competitive product mix. These plans are underwritten by the firm’s affiliates, which include not only Omaha Insurance Company, but also other affiliates such as:

  • United World Life Insurance Company
  • United of Omaha Life Insurance

In doing so, the insurer is able to provide lower cost Medicare Supplement insurance alternatives – which can be particularly beneficial for those who are on a fixed income.

In many cases, a Medicare Supplement insurance plan that is purchased via Omaha Insurance Company can be issued within just a few days. And, if applicants sign up for Medicare Supplement insurance during their initial Medigap enrollment period, they cannot be turned down for a policy – or even charged a higher premium rate – if they have an adverse health condition.

Insurer Ratings and Better Business Bureau (BBB) Grade

The Mutual of Omaha family of insurance companies is considered to be quite strong financially, and in turn, it has been provided with very favorable ratings from the insurer rating agencies. From A.M. Best, they have an A+. From Standard & Poor, they’ve earned an AA-.

In addition, the Omaha Insurance Company’s parent company, Mutual of Omaha, they’ve received accreditation from the BBB back in 1940, and they also have an A+ from the BBB.

Medicare Supplement Insurance Plans Offered Through Omaha Insurance Company

Through its parent company, Mutual of Omaha, the Omaha Insurance Company sells Medigap Plans A, F, G, and N.

Plan A includes the following:

  • Part A coinsurance and hospital costs up to an additional 365 days
  • Part B coinsurance or copayment
  • First three pints of blood per year
  • Part A hospice care copayment or coinsurance

The other policies all have the same benefits as Plan A, but they add more protection. For instance, with Plan G, the following benefits are offered:

  • Part A coinsurance and hospital costs up to an additional 365 days
  • Part B coinsurance or copayment
  • First three pints of blood per year
  • Part A hospice care copayment or coinsurance
  • Skilled nursing facility care coinsurance
  • Medicare Part A deductible
  • Medicare Part B excess charges
  • Foreign travel exchange – up to the plan’s limits (which is 80 percent)

In order to obtain the most comprehensive set of Medicare Supplement plan coverage options, look at Plan F. :

  • Part A coinsurance and hospital costs up to an additional 365 days
  • Part B coinsurance or copayment
  • First three pints of blood per year
  • Part A hospice care copayment or coinsurance
  • Skilled nursing facility care coinsurance
  • Medicare Part A deductible
  • Medicare Part B deductible
  • Medicare Part B excess charges
  • Foreign travel exchange – up to the plan’s limits (which is 80 percent)

For those who want to be covered under Plan F’s long list of benefit options, but who also want to keep their premium payments down, there is a high deductible option. With this plan option, you would need to pay the annual deductible first. In 2017, the amount of the Medicare Supplement Plan F deductible is $2,200.

Medicare Supplement Plan N also offers the set of core benefits. With this plan, there may be certain copayments that are involved. Plan N’s total benefit list includes:

  • Part A coinsurance and hospital costs up to an additional 365 days
  • Part B coinsurance or copayment (With Plan N, there is a copayment of up to $20 for some office visits, and up to $50 for emergency room visits that do not result in inpatient admission).
  • First three pints of blood per year
  • Part A hospice care copayment or coinsurance
  • Skilled nursing facility care coinsurance
  • Medicare Part A deductible
  • Foreign travel exchange – up to the plan’s limits (which is 80 percent)

2017 Medicare Supplement Insurance Comparison

 Plan APlan FPlan GPlan N
Part A coinsurance and hospital costs, up to an additional 365 days after Medicare benefits are used upYesYesYesYes
Part B coinsurance or copaymentYesYesYesYes***
Blood - the first 3 pintsYesYesYesYes
Part A hospice care coinsurance or copaymentYesYesYesYes
Skilled nursing facility care coinsuranceNoYesYesYes
Part A deductibleNoYesYesYes
Part B deductibleNoYesNoNo
Part B excess chargeNoYesYesNo
Foreign travel exchange - up to plan limitsNo80%80%80%
Out-of-pocket limit**N/AN/AN/AN/A


**The Medigap plan will pay 10% of services after you’ve met the out-of-pocket limit. 

***Plan N pays 1–% of Part B coinsurance, excluding copayments for doctor’s visits and $50 emergency room copayments. 

When shopping for the best premium rate on a Medicare Supplement insurance plan via the Mutual of Omaha family of companies, you may be eligible to obtain a “household” discount of more than ten percent. This discount is available provided more than one person in your family, such as your spouse, also applies for coverage through these companies.

Other Products and Services Offered

Although Omaha Insurance Company and the other Mutual of Omaha insurance carriers have a positive reputation for selling quality Medicare Supplement coverage, there are also other products that are offered through these carriers, including:

  • Long-Term Care insurance
  • Life Insurance (both traditional coverage, and no exam)
  • Critical Illness Insurance
  • Disability Insurance
  • Cancer Insurance
  • Heart Attack Insurance
  • Stroke Insurance
  • Retirement Annuities
  • Structured Settlements
  • Investments
  • Solutions for Small Businesses

How to Find the Best Medicare Supplement Insurance Premium Quotes

Omaha is only one of the thousands of insurance carriers out there. Maybe they will be the best for you, but maybe not. If they aren’t, continuing reading our company reviews, like our Colonial Penn review. Before you choose a company, do some quote shopping.

As we mentioned, every company has different premiums. You want the cheapest one possible, right? You need to get a dozen quotes first. We can bring you those quotes instantly.
Give us a call and we can deliver the lowest Medigap plans.

 

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