I recently purchased a Mutual of Omaha medicare supplement. it was the worst decision i could have made. Just a few months after taking out the policy i received word of a 40, that's right 40% premium increase. what a bait and switch. i wonder how many people they took advantage of that are now stuck with their expensive plan? fortunately i am healthy enough to switch to a different company that has a longer history and is providing better benefits for even less money. if you are considering taking a plan with them i would think twice and review your options. 1291511
 Comments (3) |
| 1. Written by Rachel on February 29, 2012 from laredo, texas, US My father purchased the new Medicare "N" plan when it came out. About a year later Mutual of Omaha decided they were no longer going to write the "N" plan. Too many claims not enough premium. So the grandfathered policy holders "N" plan premiums sky rocketed. |
| 2. Written by William on February 24, 2012 from chicago, illinois, US Mutual of Omaha keeps breaking up the company into different divisions in different states so that it can continue to operate under different blocks of business. Since June of 2010, Mutual's entry premium at 65 has gone up up 32%. That is just Initial Enrollment. IF you have been on Mutual for 2 or 3 years then you have seen larger increases on a semi-annual basis in the amounts of 15% (every 6 months after your initial year on the plan). So, John, yes the increase is for the entire group, however the semi-annual increases aren't the annual increases that go in front of the insurance commissioner. That is a separate increase. You get a letter from Mutual every six months - first one is Happy Birthday, new age increase, 6 months later, "Cost of Doing Business" letter. Have to stay competitive with Medicare's rising costs. Meanwhile Medicare's costs haven't risen that greatly. Then in 6 months again another letter of increase. They are in front of Congress right now regarding their marketing practices and bait and switch routine. |
| 3. Written by John on September 6, 2011 from larchmont, new york, US You can never be singled out for a rate increase, it is for the entire group of policyholders in your state. The insurance company requests rate increases from the insurance dept in the state you live in...the approval could take months and Mutual of Omaha does not know when it will, or if it will be approved. Guess you just got unlucky with the timing. Mutual of Omaha has an a+ rating from Standard and Poors and is 100 years old. |
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