Mutual of Omaha Medigap plan N, Medicare supplement plan N. Do you own one? Did you buy Medigap plan N during the “no questions asked” offer from Mutual of Omaha?
If you bought a Medicare supplement plan N from Mutual of Omaha, you probably already know the plan was discontinued in the summer of 2011. Existing plan N policyholders could continue their plan (as long as they could afford the premiums) but new Medigap applicants would not be allowed to purchase supplement plan N.
In January of 2012 many Mutual of Omaha policyholders with Medigap plan N received a renewal letter advising them that the plan N policy series had experienced “much higher than expected” claims experience and they expected that trend to continue.
The company acknowledged that current and future increases “may have a negative impact” on the policyholder. The letter then advised the policyholder to contact their sales representative or Medicare to determine what other options would be available to them.
Recipients of the renewal letter (which only went to plan N policyholders) were assured they were not being singled out for a rate increase. ALL Mutual of Omaha policyholders with plan N will be receiving an increase.
So what do you do?
Pay the new, higher premium?
Drop your Medigap coverage?
Switch to another Medicare supplement plan with a new carrier that is not Mutual of Omaha?
For some folks, a switch in plans or carriers may not be possible. If you are healthy and can pass underwriting standards, you can move to another plan with a different carrier and possibly save several hundred dollars per year in premiums.
If you are unable to qualify medically, you may still be able to exercise your Medicare trial right and find a more affordable Medicare plan.
Don’t get stuck in an overpriced Mutual of Omaha Medigap plan. Georgia Medicare Plans has affordable Medigap rates for most Georgia seniors.
