Introduction
If you are a Medicare beneficiary, you might have heard about Mutual of Omaha’s Medicare supplement plan G. It is one of the popular supplement plans among seniors due to its comprehensive coverage. However, like other insurance plans, the rates of plan G may increase over time. In this article, we will discuss the rate increase history of Mutual of Omaha’s Medicare supplement plan G.
What is Mutual of Omaha’s Medicare Supplement Plan G?
Mutual of Omaha’s Medicare supplement plan G is a type of Medigap plan that covers the out-of-pocket expenses of Medicare beneficiaries. It includes coverage for Medicare Part A and B deductibles, copayments, coinsurance, and excess charges. Plan G also covers foreign travel emergency expenses and skilled nursing facility care coinsurance.
Why Do Medicare Supplement Plan Rates Increase?
Medicare supplement plan rates can increase due to several factors, such as inflation, changes in healthcare costs, and the insurance company’s financial performance. Insurance companies must get approval from the state insurance department before increasing the rates of their Medicare supplement plans.
Rate Increase History of Mutual of Omaha’s Medicare Supplement Plan G
Mutual of Omaha has been offering Medicare supplement plans for over 50 years. The company has a good reputation for its affordable and comprehensive plans. In recent years, the rate increase for Mutual of Omaha’s Medicare supplement plan G has been relatively low compared to other insurance companies. From 2017 to 2019, the rate increase for plan G was less than 5% per year. In 2020, Mutual of Omaha increased the rates of its Medicare supplement plans, including plan G. The average rate increase for plan G was about 8%. The rate increase was due to the rising healthcare costs and increased claims experience.
How to Manage Medicare Supplement Plan Cost?
If you are on a tight budget, you might find it challenging to keep up with the cost of Medicare supplement plans. However, there are ways to manage your plan cost. You can compare the rates of different insurance companies and switch to a more affordable plan with similar coverage. You can also consider enrolling in a Medicare Advantage plan, which offers the same benefits as original Medicare and additional benefits such as dental, vision, and prescription drug coverage. Medicare Advantage plans usually have lower premiums than Medicare supplement plans.
Conclusion
Mutual of Omaha’s Medicare supplement plan G is a popular choice among seniors due to its comprehensive coverage. While the rates of plan G may increase over time, Mutual of Omaha has a good track record of keeping the rate increase relatively low. By managing your plan cost, you can ensure that you have the coverage you need without breaking the bank.