Medigap plans are a popular way to round out the coverage offered by Original Medicare. Of course, since these plans come from private insurance companies, it's important to shop around. Mutual of Omaha is just one company offering Medicare supplement insurance. But are they the right fit for you?

What Is Medigap?

Once you turn 65, you're officially eligible for Medicare coverage. Many people today opt for Original Medicare, which combines Part A and Part B coverage into one plan. If you enroll, you'll get your benefits directly from the government.

However, many people find that Original Medicare alone isn't enough to offer all-around health protection. That's where "Medigap" policies come into play.

Medigap plans, or Medicare Supplement Insurance Policies, are available through private insurance companies. As the name implies, you can enroll in one to supplement the coverage that Original Medicare provides. They can cover a little bit, like Plan A, or they can cover a lot, like Plan F does.

These plans do incur an additional monthly premium alongside your Part B premium.

However, even when considering the added cost, a Medigap plan usually proves to be well worth the money. After all, it can help cover your copays, coinsurance, and the deductibles associated with your Original Medicare coverage. And, while these plans come from private insurance companies, they are closely regulated by the federal government.

In all, the government has established ten Medigap plans. Each plan offers different benefits and varying levels of coverage. So, between all of them, you should be able to find one that balances its coverage with your budget. Of course, because these plans come from private insurance companies, it is important that you shop around.

Here's a look at Mutual of Omaha and the Medigap plans that they offer.

About Mutual of Omaha

Mutual of Omaha started out at Mutual Benefit Health & Accident Association way back in 1909. They now have more than 110 years of experience to back their extensive healthcare offerings. As you may have guessed, the company started in Omaha, Nebraska where its first president led it until 1932.

Today, Mutual of Omaha offers coverage across the United States. It remains one of the largest and most trusted names in the health insurance industry, too. In addition to health insurance coverage, they also cover millions of individuals through their life insurance and disability insurance policies.

So, there is no doubt that Mutual of Omaha may make your list of options as you go about choosing a Medigap plan.

Overview of Mutual of Omaha's Medigap Plans

The specifics of any Medigap plan will vary depending not only on the carrier you choose, but also on factors like your location. However, Mutual of Omaha provides a fairly comprehensive overview of the Medigap plans they offer along with their benefits.

Fortunately, Mutual of Omaha offers some of the most popular Medigap policies available, including Plan F. Plan F is widely considered to be the best Medigap plan out there because it offers so much coverage. Here's a closer look at Plan F and the other plans Mutual of Omaha features.

Plan F

  • Part A Coinsurance & Hospital Costs: 100% coverage
  • Part B Coinsurance or Copayment: 100% coverage
  • Blood (first three pints): 100% coverage
  • Part A Hospice Care Coinsurance or Copayment: 100% coverage
  • Skilled Nursing Facility Coinsurance: 100% coverage
  • Part A Deductible: 100% coverage
  • Part B Deductible: 100% coverage
  • Part B Excess Charges: 100% coverage
  • Foreign Travel Emergencies: 80% coverage

When you visit a Medicare-approved doctor, Medicare pays a portion of the costs associated with the visit. If you have Plan F, it will cover any portion that would otherwise get charged to you as an out-of-pocket expense. The result? You pay nothing!

With that in mind, it is no wonder why Plan F is so popular. It even includes up to 80% coverage for healthcare emergencies when you are outside of the United States. That means you don't have to worry about potential medical bills associated with getting necessary healthcare while travelling.

High Deductible Plan F

  • Part A Coinsurance & Hospital Costs: 100% coverage
  • Part B Coinsurance or Copayment: 100% coverage
  • Blood (first three pints): 100% coverage
  • Part A Hospice Care Coinsurance or Copayment: 100% coverage
  • Skilled Nursing Facility Coinsurance: 100% coverage
  • Part A Deductible: 100% coverage
  • Part B Deductible: 100% coverage
  • Part B Excess Charges: 100% coverage
  • Foreign Travel Emergencies: 80% coverage

With Plan F covering so much and being so popular, it often comes with a high monthly premium. To help cut down on your monthly premium, you might opt for Mutual of Omaha's "high deductible" version of Plan F. It offers the same great coverage as Plan F with one caveat.

If you signup for the high deductible version, you will have to cover the deductibles, coinsurance, and copays left after Medicare pays for its portion of included services. In other words, it's like not having any Medigap policy at all until you have met the annual deductible. In 2019, that deductible is $2,300.

Once you meet the deductible amount, Plan F will kick in and cover all of your out-of-pocket costs just like regular Plan F would. Keep in mind that the annual deductible can change and increase year-over-year.

Plan G

  • Part A Coinsurance & Hospital Costs: 100% coverage
  • Part B Coinsurance or Copayment: 100% coverage
  • Blood (first three pints): 100% coverage
  • Part A Hospice Care Coinsurance or Copayment: 100% coverage
  • Skilled Nursing Facility Coinsurance: 100% coverage
  • Part A Deductible: 100% coverage
  • Part B Deductible: No coverage.
  • Part B Excess Charges: 100% coverage
  • Foreign Travel Emergencies: 80% coverage

Excited about great coverage but weary about the costs associated with Plan F? Plan G is a close contender and considered the second most popular of all the Medigap policies. It offers similar great coverage but leaves out the Medicare Part B deductible to save you on monthly premiums.

The difference can be minimal, so it's important to compare before you choose a plan. However, the Medicare Part B deductible in 2019 is only $185. So, if switching from Plan F to Plan G will save you that much or more in 12 monthly premiums, it could be worth it.

Plan N

  • Part A Coinsurance & Hospital Costs: 100% coverage
  • Part B Coinsurance or Copayment: 100% coverage
  • Blood (first three pints): 100% coverage
  • Part A Hospice Care Coinsurance or Copayment: 100% coverage
  • Skilled Nursing Facility Coinsurance: 100% coverage
  • Part A Deductible: 100% coverage
  • Part B Deductible: No coverage.
  • Part B Excess Charges: No coverage.
  • Foreign Travel Emergencies: 80% coverage

If you'd like even lower monthly premiums than Plan G, you might consider Plan N. Plan N leaves out both the Medicare Part B deductible and Medicare Part B excess charges. As mentioned above, the Part B deductible in 2019 is $185. However, excess charges are completely separate.

When you see a Medicare-approved provider, they have agreed to take a certain amount from Medicare in order to administer certain services to you. However, Medicare allows them to charge up to 15% more than Original Medicare covers. So, if Medicare is willing to pay $100 for your next visit, your provider can charge up to $115.

If you do not have a Medigap policy that includes excess charges, you will have to pay that difference out-of-pocket. And, that can really add up when you consider just how many services fall under Medicare Part B. With that said, it might be worth it to you to step down to Plan N or another plan in order to save on monthly premiums.

Additionally, it's important to note that you might still have a copay of up to $20 for certain office visits. There may also be a $50 copayment for emergency room visits.

Finding The Right Carrier

Choosing the right Medigap policy is essential to balancing your coverage and costs. But, that's not the only decision you have to make. Since these plans come from private insurance companies, it's important that you shop around to get the best rates.

Mutual of Omaha is just one option you have when it comes to Medicare Supplement Insurance Plans. To see all the carriers available in your area, use Quick Medigap. In under two minutes, you'll get matched with a range of carriers available to you that offer Medigap policies. That makes comparing simple so that you can get the coverage you need easily.