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Mutual of Omaha Medicare Part D 2024 Review
Mutual of Omaha's Part D plans provide extra flexibility to choose the best fit for your medications, but their star ratings are bad.
Alex Rosenberg Lead Writer | Medicare, health care, legislation
Alex Rosenberg is a NerdWallet writer focusing on Medicare and information technology. He has more than 10 years of experience researching and writing about health care, insurance, technology, data privacy and public policy. His research has supported lawmakers in the Wisconsin State Legislature as well as health systems and national health authorities in the U.S. and more than 10 other countries. He is based in Stoughton, Wisconsin.
Holly Carey joined NerdWallet in 2021 as an editor on the team responsible for expanding content to additional topics within personal finance. She currently leads the Medicare team. Previously, Holly wrote and edited content and developed digital media strategies as a public affairs officer for the U.S. Navy. She is based in Virginia Beach, Virginia.
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Mutual of Omaha
2
CMS Star RatingAverage Medicare star rating, weighted by enrollment. Star ratings are determined by the Centers for Medicare & Medicaid Services (CMS).
Mutual of Omaha's quality ratings from CMS for 2024 are poor. Its two higher-end plans have similar premiums but different arrangements of coinsurance, copays and deductibles, so shoppers can choose whichever plan is most cost-effective for their medications without a major difference in premiums.
Out-of-pocket costsBased on how frequent and how high a company's copays, coinsurance and deductibles are in comparison to other insurance companies.
Higher than average
Member experienceThe average of CMS' star ratings for quality measures in the domain "Member Experience with the Drug Plan," weighted by contract enrollment.
1 (Below average)
Pros
Two higher-end plans available with similar pricing, but different arrangements of copays, coinsurance and deductibles.
Cons
Significantly lower star ratings from CMS than most competitors.
Few $0-deductible and $0-copay options, and many coinsurance requirements.
Out-of-pocket costsBased on how frequent and how high a company's copays, coinsurance and deductibles are in comparison to other insurance companies.
Higher than average
Member experienceThe average of CMS' star ratings for quality measures in the domain "Member Experience with the Drug Plan," weighted by contract enrollment.
1 (Below average)
Pros
Two higher-end plans available with similar pricing, but different arrangements of copays, coinsurance and deductibles.
Cons
Significantly lower star ratings from CMS than most competitors.
Few $0-deductible and $0-copay options, and many coinsurance requirements.
Mutual of Omaha Medicare Part D plans aren’t great options in 2024. The company allows more flexibility than some competitors to choose plans with different arrangements of copays, coinsurance and deductibles without a major difference in premiums, but its star ratings for quality are poor
Unlike many Medicare Part D insurance companies, Mutual of Omaha doesn’t sell Medicare Advantage plans. The company specializes in insurance that complements your main health insurance, such as Medicare Part D plans, Medicare Supplement Insurance, life insurance and long-term care insurance.
About 178,000 Medicare beneficiaries have Mutual of Omaha Part D prescription drug plans as of June 2024
Centers for Medicare & Medicaid Services. PDP Plan Directory. Accessed Jul 11, 2024.
NerdWallet’s Medicare content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in Medicare. Their work has appeared in The Associated Press, Washington Post, Nasdaq, MSN, MarketWatch, Yahoo! Finance and other national and regional media outlets. They have been cited in publications including Healthline, and appeared on NerdWallet's "Smart Money" podcast.
Mutual of Omaha Medicare prescription plan pros and cons
Medicare prescription drug plans from Mutual of Omaha have advantages and disadvantages.
Pros
Flexibility with Premier and Plus plans: Mutual of Omaha’s Premier and Plus plans have nearly identical pricing, on average, but different arrangements of copays, coinsurance and deductibles, so shoppers can pick the better fit for their medications for about the same price.
Cons
Low quality ratings: Mutual of Omaha’s Part D quality ratings from CMS are significantly lower than most competitors.
Cost sharing: Mutual of Omaha has few $0-deductible and $0-copay options and requires coinsurance rather than copays for many drugs.
These ratings use a 5-point scale, where 5 is the best and 1 is the worst. The agency bases its ratings on drug plans’ quality of service and customer experiences, and ratings are updated annually
Medicare star ratings are typically released once per year, but in 2024, CMS recalculated its ratings mid-year. Updates took place after multiple court rulings in favor of insurance companies alleging that CMS improperly calculated the 2024 star ratings. NerdWallet has updated this review accordingly.
Mutual of Omaha Rx Essential: According to Mutual of Omaha, this plan is “ideal for newly eligible Medicare clients, clients with low drug utilization, or clients on low-cost maintenance medications.”
Mutual of Omaha Rx Premier: According to Mutual of Omaha, this plan “delivers affordable coverage and a $0 deductible for Tier 1-2 drugs.”
Mutual of Omaha Rx Plus: According to Mutual of Omaha, this plan “covers a broad choice of prescriptions while offering low-cost generic drug choices.”
Medicare beneficiaries with Original Medicare (Part A and/or Part B) can purchase a Medicare Part D plan for prescription drug coverage. Part D plans are sold by private insurance companies. The costs and coverage can vary significantly, so it’s important to compare options.
💬 From our Nerds: Are Mutual of Omaha Rx plans good Medicare Part D options?
“It’s hard to recommend Mutual of Omaha for Medicare Part D in 2024. The company rates poorly on measures of quality and member experience, and its prices also aren’t the most competitive. You can probably do better with another Medicare Part D company in 2024.”
» If you have concerns about affording Medicare Part D, look into Medicare Extra Help.
Prices for Mutual of Omaha’s highest coverage plan, Rx Plus, have gone down since 2023, falling by about $9 per month. That’s not the case for the two less expensive plans. The mid-range Rx Premier plan is about $10 more per month than last year, making its monthly premium almost identical to the Rx Plus plan. The lower-cost Rx Essential plan is up by a little under $5 per month, on average.
Deductibles for the Essential and Plus plans are both up by $40, rising to hit the maximum that plans are allowed to charge in 2024. By contrast, the Premier plan’s deductible has fallen from $505 in 2023 to $349 in 2024.
$0-deductible options
Two Mutual of Omaha Medicare Part D plans have $0 deductibles for certain drugs
. The Premier and Plus plans don't have any $0 copays, but Tier 1 drugs from preferred retail pharmacies have $1 copays for a 30-day supply.
Drugs on higher tiers can quickly get more expensive. As a result, it’s important to check where your medications and pharmacies fall on each plan’s formulary.
Coinsurance vs. copay requirements
You’ll want to check whether you’ll pay a copay or coinsurance for your medications. Copays are set dollar amounts, so it’s easy to see what you’ll pay. Coinsurance is a percentage of the price for your medications, so coinsurance requirements can be more unpredictable and more expensive.
Mutual of Omaha plans start requiring coinsurance rather than copays at different tiers depending on your plan
Mutual of Omaha Rx Essential: Copays for Tiers 1-2; coinsurance for Tiers 3-5.
Mutual of Omaha Rx Premier: Copays for Tiers 1-3; coinsurance for Tiers 4-5.
Mutual of Omaha Rx Plus: Copays for Tiers 1-2; coinsurance for Tiers 3-5.
You can enter your medications and pharmacy information on Mutual of Omaha’s website to see which drugs are covered and review your estimated costs with different plan options.
All three Mutual of Omaha plan options are available in every market the company serves.
About Mutual of Omaha
Mutual of Omaha, headquartered in Omaha, Nebraska, was founded in 1909 as the Mutual Benefit Health & Accident Association. The company changed its name to Mutual of Omaha in 1950. Mutual of Omaha sells Medicare Supplement Insurance and Medicare Part D plans, and recently began selling Medicare Advantage plans co-branded with Wellcare. Other products include Mutual of Omaha life insurance, dental insurance, long-term care insurance, disability insurance and other financial services such as annuities, mortgages and investment services.
Get more information below about some of the major Medicare Part D companies. These insurers offer plans in most states, but specifics may vary depending on your location.
Find the right Medicare Part D prescription drug plan
The interactive tool on Medicare.gov can help you find a Medicare Part D plan that covers your prescriptions. It also helps you compare costs among Medicare Part D and Medicare Advantage plans available to you.
Here are some things to keep in mind when comparing plans:
Check the formulary: You’ll want to make sure the medicines you currently take and, importantly, any you think you might need in the future, are covered under each of the plans you’re considering. Talk to your health care providers about what brand-name and generic medicines to look for and any alternatives that may also work in case you can’t find your current medicines on the plans available in your area.
Look for plan changes: Formularies change frequently. Your insurer should send you a Notice of Plan Change when the formulary changes. Read that document carefully.
Check the pharmacy network: Most Medicare Part D plans negotiate with a network of pharmacies for the lowest cost. Check to see if your pharmacy or an equally convenient one is in the plan’s network. Also, compare prices for using mail order.
If your plan does change, and the change affects the prescription drugs you need, you can switch plans during Medicare's open enrollment period, Oct. 15 to Dec. 7. Changes go into effect on the following Jan. 1.
If you have additional questions about Medicare, visit Medicare.gov or call 800-MEDICARE (800-633-4227, TTY 877-486-2048).
Medicare Part D plan review methodology
NerdWallet’s Medicare Part D reviews are based on ratings data from the Centers for Medicare & Medicaid Services (CMS), pricing, cost-sharing requirements, formulary design, consumer experience and more.
NerdWallet reviewed seven Medicare Part D insurance companies based on highest enrollment and greatest online search volume. Together, these seven companies cover just under 90% of Medicare beneficiaries with stand-alone Medicare Part D plans, according to CMS data. We review at least five major Medicare Part D companies in every state in the United States.
These reviews are a guide, but we encourage you to shop around and compare several plans to find the best coverage and rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines for additional information.
