Physicians Mutual Medicare Supplement Review
Physicians Mutual may not offer as many standard Medigap plan types as some competitors, and they have higher premiums and limited availability in certain states.
However, their “Innovative” Plan G may be attractive due to potentially lower long-term premiums.
- Innovative plans receive special approval from the insurance commissioner to include new or different benefits beyond those in the standard version of a plan.
Physicians Mutual covers about 150,000 Medigap beneficiaries overall and holds about a 1% share of the total Medicare Supplement insurance market, making them a minor player in the industry.
Let’s explore some more details about Physicians Mutual to help you determine if it’s the right fit for you.
Pros:
- Offers a unique, Innovative Plan G option
- Household premium discounts of up to 10%
- Access to fitness benefits through Silver&Fit
Cons:
- Only offered in 30 states + Washington D.C.
- Higher premiums than other leading competitors
- Negative member reviews
Should you consider Physicians Mutual?
If you’re considering Innovative Plan G, Physicians Mutual might be worth exploring, especially if you’re healthy and okay with a higher deductible and average customer service.
However, we think there’s room for improvement in their standard Medigap plan pricing and complaint rates.
Is Physicians Mutual Available in Every State?
Physicians Mutual offers Medigap plans exclusively in the following states:
| Alabama | Kentucky | Oklahoma |
| Arizona | Louisiana | Pennsylvania |
| Arkansas | Maryland | South Carolina |
| California | Michigan | South Dakota |
| Colorado | Mississippi | Tennessee |
| Delaware | Missouri | Texas |
| Florida | Nebraska | Utah |
| Georgia | Nevada | Virginia |
| Illinois | North Carolina | Washington, D.C. |
| Indiana | Ohio | Wisconsin |
| Iowa |
Physicians Mutual Medigap Plan Options
Physicians Mutual offers standardized Medigap Plans A, G, F, and N.
Plan A
Physicians Mutual’s Plan A offers basic coverage, including Medicare Part A coinsurance and hospital costs, Medicare Part B coinsurance or copayment, and the first three pints of blood.
Plan G
Physicians Mutual offers three versions of Plan G, including its own unique version, Innovative Plan G.
- #1. Standard Plan G (most popular) – provides comprehensive coverage, covering all but the Medicare Part B deductible
- #2. Innovative Plan G –includes lifetime premium savings, a disappearing deductible after the third year, and unlimited preventive care benefits (all other benefits are the same as standard Plan G).
- #3. High-Deductible Plan G – designed for individuals who prefer lower upfront premium costs with a higher annual deductible.
Note: The Innovative Medicare Supplement Plan G has a $2,700 total deductible for the first three years, followed by lower ongoing premiums. Members are still responsible for the Part B deductible.
Plan N
Physicians Mutual offers Plan N, which is similar to Plan G but with additional out-of-pocket costs, such as copayments of up to $20 for doctor visits and $50 for emergency room visits.
Plan F
Physicians Mutual also offers Plan F, which is considered the most comprehensive Medigap plan available. It covers all Medicare-approved expenses not covered by Medicare Part A and B, including deductibles, coinsurance, and copayments.
However, it’s important to note that Plan F is no longer available for new Medicare beneficiaries as of 2020.
-
Bonus tip:
Physicians Mutual offers a “second-chance guarantee,” under which new members can switch to another Medigap policy within the first two years without having to answer any health questions.
How Much Is a Medigap Plan With Physicians Mutual?
When considering Physicians Mutual Medicare Supplement plans, it’s a good idea to compare their premium rates with other providers to ensure you’re getting the best deal.
We’ve done some of the legwork for you by comparing Plan G premiums from Physicians Mutual and its competitors across different states:
| State | Zip Code | Physicians Mutual | Allstate | ACE | Aflac | Cigna |
|---|---|---|---|---|---|---|
| Texas | 79936 | $140.46 | $117.48 | $127.50 | $130.91 | $132.64 |
| Florida | 32507 | $235.03 | $219.87 | $218.00 | $206.89 | $190.13 |
| Georgia | 30044 | $269.81 | $141.37 | $158.58 | $174.63 | $170.03 |
| Illinois | 60629 | $165.93 | $135.77 | $145.42 | $155.60 | $157.70 |
| Louisiana | 70124 | $183.73 | $149.56 | $162.25 | $161.03 | $171.01 |
| Alabama | 35758 | $163.68 | $149.61 | $131.00 | $138.99 | $160.41 |
| Michigan | 48476 | $160.01 | $158.16 | $144.17 | $157.91 | $169.77 |
| Ohio | 43223 | $150.41 | $122.31 | $133.17 | $129.04 | $127.49 |
| Actual prices fluctuate based on age, gender, and location. Sample quotes are for a 65 y/o nonsmoking male. | ||||||
In a nutshell:
Our research shows that, on average, Physicians Mutual’s Medigap premiums (compared to leading providers) are 13%—19% higher.
Does Physicians Mutual Offer Discounts?
Physicians Mutual offers up to 10% in premium discounts for various situations, including:
- Living with a spouse or another adult aged 60+
- Not using tobacco
- Setting up automatic payments from your bank account
Just a heads-up: discount availability can vary based on where you live and other factors.
-
Additional policies:
Physicians Mutual also offers dental, life, cancer, and pet insurance.
Member Reviews and Ratings
Physicians Mutual has earned strong financial ratings, with an A from A.M. Best and an A+ from Weiss Ratings, highlighting its solid financial stability.
On the other hand, according to the National Association of Insurance Commissioners, complaints about Physicians Mutual are about 53% higher than the average for Medigap providers.
Plus, they spend around 74.7% of premiums on member benefits, leaving 25.3% for overhead like admin costs, marketing, and salaries. The industry average for member benefits is 80.4%.
When to Enroll With Physicians Mutual
The best time to sign up for a Physicians Mutual Medicare Supplement plan is during your Medigap Open Enrollment Period. This six-month window starts on the first day of the month you turn 65.
You’ll need to have Part B Medicare benefits before enrolling in a Medicare Supplement insurance plan with Physicians Mutual.
If you decide to apply after this time frame, Physicians Mutual might perform medical underwriting, which could change your premiums or even result in denial based on your health.
Final Verdict
If you’re thinking about Innovative Plan G, Physicians Mutual could be a great choice, especially if you’re in good health, comfortable with a higher deductible, and okay with average customer service.
Otherwise, the premiums for standard Medigap plans could be up to 19% higher.
I recommend checking out a few providers and chatting with a licensed insurance agent for advice tailored to you. We’re happy to help you find plans available in your area.
Sources: Physicians Mutual | Medigap Plan Options
FAQs
- What is the star rating for Physicians Mutual?
- What is the second-chance guarantee offered by Physicians Mutual?
- How does the Innovative Plan G offered by Physicians Mutual work?
