Mutual of Omaha Medicare Supplement Review
Mutual of Omaha has its roots in Nebraska going back to 1909 when the company went by the name Mutual Benefit Health & Accident Association. From 1966, a year after Medicare came into the picture, Mutual of Omaha began administering Part A and B. Commonly called Original Medicare, the federally funded medical scheme is available to seniors aged 65 and over. However, some people who have not yet reached 65 but qualify based on special criteria can enroll in Medicare earlier.
Original Medicare does not cover 100% of the charges related to the medical care that seniors access. The federal government came up with Medicare Supplement plans, also called Medigap covers, and allows private insurers to underwrite these policies.
The federal government regulates these supplemental plans to make sure that each insurer provides the same level of coverage for the same Medigap plans across the board. This Mutual of Omaha Medicare Supplement review should get the ball rolling, and help you settle for the best Medigap plan suited for your current and projected healthcare needs.
Original Medicare Covers
Part A is synonymously referred to as hospital insurance. It takes charge of inpatient care, inpatient services and supplies, and inpatient nursing. Home health services and hospice care also fall under this part of Medicare coverage. Most seniors typically do not pay a premium to access Part A coverage because the amount is derived from their employment taxes paid over the years.
The premium cost of Part A is computed as 40 quarters or 10 years worth of paid Medicare taxes. Seniors who become eligible for Medicare by turning 65 and they have made payments up to quarters 30 to 39, they have to pay a monthly premium of $232. Anyone who enrolls into Medicare earlier when they have made Medicare tax payments for less than 30 quarters, they will have to pay a monthly premium of $422 for Part A. On top of that, there is an annual deductible of $1,340.
There are also coinsurance costs referring to the percentage of your medical bill that you should pay. Any hospital stays beyond 60 days attracts a coinsurance day for each day the benefit is in use.
Part B handles medical costs related to general care like doctor’s visits, home health care, outpatient care, and other similar healthcare services. In essence, Part B takes care of preventative care and necessary care services. Part B comes with annual premium payments starting from $134 monthly. Seniors who receive Social Security benefits typically pay lower premiums while those with higher incomes might pay more.
After the coinsurance is met it is the beneficiary’s responsibility to take care of 20% of costs related to doctor services.
Part C is also called Medicare Advantage and it’s designed to replace Medicare Part A and B. Private health insurance companies, like Mutual of Omaha, are authorized by the government to offer Advantage plans. Generally, they are semi-standardized plans because in some regard they may vary depending on the insurer offering them. Typically, they will vary in how they operate and their design.
Some insurance providers may require beneficiaries to seek medical services from doctors or medical facilities within their network. Others might allow beneficiaries to access medical services from providers outside their network through referrals. They offer the choice of Health maintenance organization (HMO), private fee for service, preferred provider organization (PPO), special needs plans, and medical savings account.
Part D is also referred to as the prescription drugs insurance cover. Government-approved insurers offer these plans with a monthly payable premium. Part D might also include deductibles, copays, and coinsurance fees. Pharmacy discounts can lower the overall drug costs, and this is an added benefit some insurance providers include in the package.
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Mutual Of Omaha Medicare Supplement Plans
From the rundown of Original Medicare covers, it is clear that several costs are not covered and they could easily add up. Medicare Supplements were designed to help Medicare beneficiaries to handle these costs which can otherwise prove to be a burden.
Mutual of Omaha offers Medicare Supplement Plans A to N. The most popular Medigap offered by Mutual include:
Plan F which comprehensively covers the costs that Original Medicare excludes.
Plan G is similar to F except for the fact that it does not include Part B deductibles.
Plan N is a basic cover that focusses on outpatient care and hospital coverage. It comes with more out-of-pocket costs but it also has the lowest monthly premiums rates compared to the other two plans.
Worth noting is that anyone with a Medicare cover can purchase a Medicare Supplement. However, seniors who opt for Medicare Advantage plans are not able to purchase Medigap plans.
Besides getting more medical aspects covered, seniors sign up for Medigap plans because they come with the benefit of allowing them to keep their doctors. The claim process involves presenting your insurance information as well as details about your preferred doctors, hospitals, and other healthcare service providers. The claims are then submitted for processing by both Medicare and then insurer underwriting your Medicare Supplement Plan.
Additional Benefits That Come With Medigap Plans From Mutual
Mutual of Omaha does not offer Part D covering prescription drugs. They make up for it with their EyeMed Vision Care benefit including discounts of up to 40% on eyeglass frames, discounts on lenses, and a $50 eye exam fee.
Mutual has partnered with eye care specialists like Pearle Vision, JCPenney Optical, and Lenscrafters amongst others to offer their beneficiaries these services.
With that said, we hope that this Mutual of Omaha Medicare Supplement review should help you understand how you stand to benefit from getting a Medigap cover. Remember that the best time to purchase a Medicare Supplement should be within the six-month window when you become eligible for Medicare. That way, you are assured of getting your preferred Medigap cover without any penalties.
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