Advantage plans can cover medical expenses that are not covered by other medical insurance plans, which makes them ideal for seniors who have a lot of medical expenses to pay for. The Mutual of Omaha Medicare Advantage plans in 2018 are the newest entries, and they are worth considering for any senior who needs some extra coverage.
Most seniors will have the basic Medicare by the time they are eligible for an Advantage plan, but that simple coverage may not be enough. They could still be paying for a lot of expenses out of pocket and require some additional coverage to make their medical care affordable. Advantage plans offer more coverage than just about any medical insurance plan, so they aren’t something to sign up for lightly. That’s why we want to take a look at these plans and what they are offering and then examine Mutual of Omaha in particular, since they are new to this part of the medical insurance industry.
What Medicare Advantage Does for You
Each kind of medical insurance plan covers you in different ways. There are some standard Medicare Advantage plans, but many Advantage plans will provide a lot more for you than the standard coverage that all of them share. Let’s start our examination of these plans by looking at what the basic coverage entails.
If you sign up for the bare bones Medicare Advantage plan, then you will be covered for emergency medical care as well as for urgently needed medical services. That covers things like emergency room care and lifesaving treatment.
The basic coverage also includes all of Original Medicare (Medicare parts A and B). So, it would replace that basic Medicare plan entirely and allow you to get that plan through a private insurance company. Advantage plans are only sold through private insurance suppliers like Mutual of Omaha and not through Medicare itself.
We have only talked about the basic coverage, and this is something that all insurance companies selling Advantage plans have to offer. They can offer you more coverage than that, though, if they want to. Most commonly, they would add coverage for Medicare Part D, which covers a lot of prescription drug costs. The actual coverage for Part D and what it entails will vary depending on which insurance company you choose, so make sure that your medications are covered under this part of the plan before you sign up for an Advantage plan that includes it.
Additional coverage offered by Medicare Advantage plans can also include cover for checkups and prescription items, like eyeglasses, hearing aids and similar items.
How Advantage Plans Work with Other Insurance Plans
If you have another insurance plan already before you sign up for Medicare Advantage, then you may have to drop that other plan. It may not be compatible with Medicare Advantage. For instance, if you have a Medicare Part D plan, but you want to sign up for a Medicare Advantage plan that includes Part D coverage, then you need to first drop your standalone Part D plan. You cannot have any two plans at the same time that have the same coverage, even if their shared coverage is only one small item.
Advantage plans are similarly incompatible with Medicare Supplements. They may not work with many employer or union plans as well, and typically, if you have Medicare Advantage, you should not need any additional medical coverage. This plan can take care of just about all your medical expenses, if you get one of the more robust versions available.
Be sure to look at compatibility between plans, if you already have a medical insurance plan of some kind and you are wanting to sign up for a Medicare Advantage plan. The Advantage plans offer so much coverage that there is a good chance that they will crossover with some of the coverage you already have in place, so be prepared to drop your current coverage in order to sign up for any Advantage plan.
Why Mutual of Omaha Is Worth Considering
Mutual of Omaha is not the only insurance company that sells the Advantage plan. There are actually a number of other insurance companies competing against one another for your money with this kind of medical coverage plan. You can choose from whichever one you want that is available in your area, so long as you are eligible for Advantage coverage.
Mutual of Omaha Medicare Advantage plans for 2018 are probably not offering anything that would be impossible to find elsewhere, but they may come with better rates, better customer service or better member benefits than some of their competition, which could make them a great choice for discerning seniors. If you want the best possible deal on medical coverage, then you will have look at all of your options, including Mutual of Omaha, and see how they compare.
Mutual of Omaha is actually just beginning to offer Advantage plans for the first time in 2018. This is not something they have sold before, though they have offered other types of Medicare plans, such as Medicare Supplements, in the past.
The company has been selling insurance plans and medical insurance plans in particular for many years, building up quite a reputation during that time. They are known as a stable and trusted company, with rates that don’t change drastically or often, making them a good choice for seniors who need some stability in their life. Their entry into the Medicare Advantage market is marked by a partnership with St. Louis-based Lumeris, who will help them to offer these comprehensive insurance plans to seniors. They are being very careful with what they offer and how they market it to seniors, ensuring that they are competitive but not oversaturating the market or blending in so much that they are not worth considering out of the many insurance providers out there that offer this plan.
Mutual of Omaha’s track record in the insurance industry is enough to make them a worthy contender for your insurance dollars. They may not have the best rates or the kind of coverage plan that would work well for your needs, but you should at least examine what they have to offer and see how it compares to your personal needs.
Choosing the Right Coverage
We can’t tell you whether Mutual of Omaha is offering the kind of plan you need or not. You may not even need Advantage coverage in the first place. It could be too costly or too comprehensive for you. You’ll have to assess your personal needs and compare those needs to what Mutual of Omaha and other Advantage plans providers are offering. It’s up to you to make the decision for yourself.
Of course, you may want to talk to your doctor about your medical status and what kind of medical care you will likely need in the near future. You can also talk to an insurance agent to get a better idea of your options and how one plan may cover you better than another. Take all the time you need and ensure that you are making the right choice. You don’t want to sign up for an Advantage plan without proper consideration. You have most of 2018 to decide whether you want this kind of coverage for 2018, so use that time wisely to look at your options, compare them to one another and to make the right choice for medical coverage.
Advantage Plans and Network Coverage
If you apply for a Medicare Advantage plan, no matter which provider you get it though, then you are signing up for network coverage. What this means is that there are a limited number of medical facilities that have decided to accept the coverage being offered by your insurance company. Not every hospital, clinic and doctor’s office will accept Mutual of Omaha’s Advantage plans and their coverage. So, you may need to be picky about which provider you go with to ensure that you are properly covered wherever you need to go for medical care.
You can still get some coverage at medical facilities that don’t accept your insurance company’s Advantage plan, but you will have to pay more. There are two main choices for network coverage- PPO and HMO.
HMO is more common and lets you be covered fully at any network facility. You get no coverage going off the network for care, though. If you choose a PPO plan, however, you get full coverage at network facilities and partial coverage off the network. Obviously, that more robust network option will cost you more.
Consider your options carefully and base your decision on what is available to you. If you sign up for one of the Mutual of Omaha Medicare Advantage plans in 2018, then you want to be sure that you are covered enough and that you can afford their coverage wherever you go for medical care. Take the time between now and 2018 to choose the right plan for you.