Mutual of Omaha Medicare Supplement: What Beneficiaries Should Know

Mutual of Omaha has been selling Medicare Supplement insurance — commonly called Medigap — for decades, and it consistently ranks among the top five Medigap carriers by enrollment nationwide. For Medicare beneficiaries trying to decide whether to go with Original Medicare plus a Medigap plan or switch to Medicare Advantage, the name recognition and financial stability of a carrier like Mutual of Omaha can feel reassuring. But brand reputation alone shouldn't drive a decision that affects your out-of-pocket healthcare costs for years to come. What matters is understanding exactly what plans they offer, how they price them, and whether those prices hold up competitively in your specific ZIP code.

Mutual of Omaha sells the standardized Medigap plan letters that CMS has approved for sale in most states. In 2026, the most commonly purchased plans through Mutual of Omaha are Plan G, Plan N, and Plan G High-Deductible. Plan G covers everything that Plan F used to cover except the Part B deductible — which is $257 in 2025 — meaning you pay that deductible once per year and then Mutual of Omaha covers 100% of Medicare-approved costs for the rest of the year, including Part A hospital coinsurance, skilled nursing facility coinsurance, and foreign travel emergency care up to plan limits. Plan N is a lower-premium alternative that still covers most major costs but requires copays of up to $20 for office visits and up to $50 for emergency room visits that don't result in inpatient admission. For beneficiaries who are generally healthy and don't see specialists frequently, Plan N can save $40–$80 per month compared to Plan G while still providing strong catastrophic protection.

The High-Deductible Plan G is worth serious consideration for beneficiaries who are in good health and want the lowest possible monthly premium. In 2025, the high-deductible threshold is $2,870 — meaning you pay all Medicare-approved costs out of pocket until you hit that amount, after which the plan covers everything Plan G normally covers. Monthly premiums for HD-G through Mutual of Omaha can run as low as $40–$70 per month for a 65-year-old, compared to $130–$160 for standard Plan G. If you rarely use healthcare services, you could come out significantly ahead over the course of a year. The risk, of course, is that a hospitalization or major procedure early in the year could leave you responsible for the full deductible before coverage kicks in — so this plan works best for people with some savings cushion and no chronic conditions requiring frequent care.

One of the most important — and least understood — factors in Medigap pricing is the rating method a carrier uses, and Mutual of Omaha does not use the same method in every state. Community-rated plans charge the same premium to everyone in a geographic area regardless of age, which tends to benefit older enrollees. Issue-age-rated plans set your premium based on your age when you first enroll and don't raise it as you get older — only for inflation. Attained-age-rated plans start lower but increase as you age, which can make them look attractive at 65 but expensive by 75 or 80. Mutual of Omaha uses attained-age rating in many states, which means a beneficiary who enrolls at 65 paying $130/month for Plan G could be paying $200 or more per month by age 75 even without major changes in the broader insurance market. Before enrolling, ask the agent or call Mutual of Omaha directly at 1-800-228-9999 to confirm which rating method applies in your state.

Mutual of Omaha's financial strength is a legitimate selling point. The company holds an A+ rating from AM Best, which is the highest possible rating for insurance financial strength. This matters for Medigap because you're entering a long-term relationship with a carrier — you want confidence that they'll be around and solvent to pay claims when you're 80 or 85. Some smaller regional carriers offer lower premiums but carry lower financial ratings, which introduces a different kind of risk. That said, financial strength doesn't protect you from premium increases, and Mutual of Omaha, like all Medigap carriers, can and does raise premiums annually. Checking your state insurance commissioner's website for rate increase history is one of the smartest research steps a beneficiary can take before committing to any Medigap carrier.

Enrollment timing is critical with Medigap, and Mutual of Omaha — like all carriers — can use medical underwriting to deny coverage or charge higher premiums outside of guaranteed issue windows. Your strongest protection is the six-month Medigap Open Enrollment Period that begins the month you turn 65 and are enrolled in Medicare Part B. During this window, no carrier can deny you coverage or charge you more based on health conditions. If you miss this window and try to enroll later, you may be asked about pre-existing conditions, and a history of heart disease, diabetes, COPD, or cancer could result in denial or significantly higher premiums. There is no Annual Enrollment Period for Medigap the way there is for Medicare Advantage — you can apply at any time, but outside of guaranteed issue windows, you're subject to underwriting.

If you live in one of the birthday rule states — California, Idaho, Illinois, Kentucky, Louisiana, Maine, Maryland, Missouri, Nevada, New Jersey, New York, Oklahoma, or Oregon — you have an additional annual window to switch Medigap plans without medical underwriting. This 30-day window opens on your birthday each year and allows you to move to a plan with equal or lesser benefits from any carrier, including switching to Mutual of Omaha from a competitor or vice versa. This is a meaningful consumer protection that beneficiaries in these states often don't know about, and it can allow you to shop for better rates as you age without fear of being denied coverage.

When comparing Mutual of Omaha to other major Medigap carriers — such as AARP/UnitedHealthcare, Aetna, Cigna, or Blue Cross Blue Shield affiliates — the most important comparison is not brand name but the actual premium quote for your specific age, gender, tobacco status, and ZIP code. Because Medigap plans are federally standardized, a Plan G from Mutual of Omaha covers exactly the same benefits as a Plan G from any other carrier. The only meaningful differences are premium cost, rate increase history, and customer service quality. Tools like Medicare.gov's Medigap plan finder allow you to compare premiums from all carriers licensed in your state side by side. In many markets, Mutual of Omaha's Plan G premiums are competitive but not always the lowest — regional carriers sometimes undercut them by $20–$40 per month for identical coverage.

For beneficiaries already enrolled in a Mutual of Omaha Medigap plan, the most important annual task is reviewing your premium notice and comparing it against current market rates. If your premium has increased substantially and you're in good health, it may be worth applying to switch carriers — though you'll need to pass underwriting outside of a guaranteed issue window. If you're in a birthday rule state, mark your calendar for the month of your birthday and use that 30-day window to get competing quotes. Even saving $30 per month adds up to $360 per year, and over a decade that's $3,600 that stays in your pocket rather than going to an insurance company. The Medicare Rights Center (medicarerights.org) and your State Health Insurance Assistance Program (SHIP) counselor can help you evaluate options at no cost.