Mutual of Omaha is one of the oldest and most respected insurance companies in the United States. Founded in 1909, Mutual of Omaha has over $50 billion dollars worth of assets. So it’s no wonder, that when it comes to Medicare Supplement plans,
After all, Mutual of Omaha has been offering Medicare Supplement plans since 1966 when Medicare was instituted.
Mutual Of Omaha Medicare Supplement Plan F 2021
Prior to 2020 and beyond, by far the simplest but not necessarily the cheapest Medicare supplement plan was the Mutual Of Omaha Medicare Supplement Plan F 2021.
The plan essentially covers:
* Inpatient hospital costs and coinsurance under Medicare Part A for an additional 365 days after Medicare coverage runs out
* Coinsurance for skilled nursing care facilities
Medicare Part B coinsurance/copayments
* Part A deductible
* Part B deductible
* Limited emergency medical care overseas (80% up to plan limits)
* Hospice care coinsurance/copayments under Part A
* First three pints of blood
* Part B excess charges (the amount a doctor is legally allowed to charge beyond the Medicare-approved amount for a medical service.
If you already have a part F plan, you can likely keep it. However, new people on Medicare will no longer be able to Purchase a part F plan in 2021.
Mutual Of Omaha Medicare Supplement Plan G 2021
Plan G Medicare Supplement plan offers all the benefits of Plan F with the exception that plan G does not cover the amount of deductible for Part B.
In 2020, the deductible on Part B was $198, and a plan F medicare supplement takes care of that expense completely. The folks that administer medicare have not yet defined what will be the part B deductible for 2021, but in 2020 the actual increase was only $13. The year before that, the deductible only increased by $2. So its probably safe to say that the 2021 deductible will be significantly less than $220.
The cost of a plan F is typically between $120 to $300 a month depending on your age, sex, and where you live.
A plan G medicare supplement will only rarely cost more than $250 a month on the upper end, meaning despite the fact that you will pay the Part B deductible, you are still likely to come out a minimum of $400 per year ahead.
And in case we forgot to mention it, all plans, whether they are part F or G, are essentially the same. The only difference is in the price and the reputation of the company.
Mutual Of Omaha Medicare Supplement Plan G 2021 policies are quite competitive, and they have a reputation for paying off claims in a timely manner which is second to none.
Another option may be a high-deductible part G plan. With this plan, you pay significantly less on premiums, but the plan doesn’t kick in till you pay all the part A and Part B deductibles. Part A deductible is a little over $1400, and the Part B deductible currently is $198.
So in choosing a high-deductible plan, you would be on the hook for roughly $1600 worth of deductibles. You may save $70 or more for a high-deductible plan, and since the maximum deductible is roughly $1600, if you never use the plan at all, then the most you are out of pocket is around $840 per year. Not bad for all the coverage you receive.
Mutual Of Omaha Medicare Supplement Plan N 2021
The final medicare policy to discuss is the Mutual Of Omaha Medicare Supplement Plan N 2021.
Plan G offers protection in two areas that Plan G does not. One is that you are responsible for co-payments, and if you see the doctor a lot, co-payments can really add up.
The other is that if your doctor wants more than what medicare will play, they can bill you up to 15 percent more in excess charges. Plan G pays for those excess charges, while Plan N does not.
However, plan N is significantly cheaper than a medicare plan G supplement plan. Typically you will pay about $25 less per month if you have a plan G plan, but of course, if you see the doctor often, the payment of co-pays on a plan G plan makes that generally the better option.