Physicians Mutual Medicare Supplement Plans Review

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A.M. Best financial strength rating: A BBB rating: A+ Consumer Affairs rating: No customer reviews

Quick Physicians Mutual Medicare Supplement Plans review: Physicians Mutual offers  Medicare Supplement Insurance (Medigap) plans in 21 states. Plans are underwritten by Physicians Mutual Life Insurance Company.

Physicians Mutual Insurance Company was founded in 1902 and is headquartered in Omaha, NE. Physicians Life Insurance Company is a member of the Physicians Mutual family and has been operating since 1970.

In 2013, Physicians Mutual was awarded a patent for its Innovative Medicare Supplement Plan option. This innovative plan combines a high-deductible and the most comprehensive coverage supplement available. The high-deductible portion applies for the first three years, then goes away. Monthly premiums are lower for the innovative plan than for the regular comprehensive plan.

The plan was designed to support the idea that when you are younger and first eligible for Medicare, your health care needs are less. Your health care needs increase with age, but with the innovative plan, you won’t have to worry about the deductible after the first three years of the plan.

Physicians Mutual offers attained age pricing and issue age pricing for most plans. You have the option of choosing how your premiums change over time.

Pros and Cons of Physicians Mutual Medicare Supplement Plans

What we like about Physicians Mutual Medigap plans: The drawbacks of Physicians Mutual Medigap plans:
  • Three Plan G options available for comprehensive coverage
  • Two different price options available
  • Unique Innovative plan
  • Not all standardized plans are offered
  • Not available in all states

What Do Physicians Mutual Medicare Supplement Plans Cover?

Also known as Medigap, Physicians Mutual Medicare Supplement plans work with Original Medicare Parts A and B. They help reduce your out-of-pocket costs by lowering or eliminating copays, coinsurance payments, and deductibles.

Coverage is valid at Medicare-participating doctors and hospitals across the United States even when traveling. Plans are guaranteed to be renewable as long as you continue to pay your premiums. Medicare Supplement policies are compatible with Part D plans that can lower your prescription drug costs.

Physicians Mutual Medicare Supplement plan members are eligible for:

  • Preventive care with no maximum on the dollar amount of preventive benefits you can receive
  • Second-chance guarantee. New customers have the option to switch to another plan once in the first two years with no health questions.
  • Qualifying household discount on premiums

Physicians Mutual Medicare Supplement Plan Options

There are 10 universal Medigap policies known as plans A, B, C, D, F, G, K, L, M, and N, including standardized benefits and copay reductions. Plans C and F are only available to existing Medicare enrollees who became eligible for Medicare before 2020. New beneficiaries can sign up for a Medigap plan without restrictions during their seven-month initial enrollment period. Otherwise, insurers can base eligibility on your medical history.

Except for Plan F, you’re responsible for paying your $233 Part B deductible (in 2022) for medical services and diagnostics. Medigap policies can reduce or eliminate your Part A hospital deductible, which can save you up to $1,556 per benefit period in 2022. Some plans may pick up excess charges beyond Medicare-approved amounts, and they can limit your out-of-pocket expenses.

Physicians Mutual’s Medicare Supplement Plan options include Plans A, F (if you are eligible) and three Plan Gs, depending on where you live. Plan A is the most basic coverage and includes hospital copayment costs up to a year after Medicare benefits are used up, the first three pints of blood, hospice care, and Part B coinsurance after your annual deductible is met.

Plan G is the most comprehensive plan available to beneficiaries who are Medicare eligible after January 1, 2020. Unlike Plan F, it doesn’t cover the Part B annual deductible but does cover excess charges and up to 80% of foreign travel emergency expenses.

Monthly premiums vary by age, tobacco use, and gender of the applicant. Keep in mind that Medigap plans are per person, so if you’re married, both you and your spouse need to purchase one. Plan A has issue-age premiums only. Physicians Mutual’s Medigap plan Gs offer two pricing options:

Note: You can search Medicare’s site to see if Physicians Mutual is available in your state, but Innovative Plan G is not visible there. You must contact Physicians Mutual if you are interested in that plan.

Here are a few examples from Physician Mutual’s Colorado offerings in 2022:

Plan name Monthly premium† Part A hospital deductible Part B medical deductible Member responsibility for excess charges Out-of-pocket maximum
Plan A $140.86 (issue age) $1,556/benefit period $233 All costs N/A
Plan G $133.39 (attained age)

$160.06 (issue age)

$0 $233 $0 N/A
Plan G Innovative $106.19 (attained age)

$129.53 (issue age)

Included in plan’s deductible for first 3 years, then $0 Included in plan’s deductible

for first 3 years, then full cost

$0 $2,370* (plan’s deductible for first 3 years)
Plan G

High-deductible

$48.26 (attained age)

$65.63 (issue age)

Included in plan’s deductible Included in plan’s deductible $0 $2,370*

†Based on pricing in Colorado for a 65-year-old female, no tobacco use, no qualifying household discount. Plan A has only issue age pricing. Plans G have the options of attained age or issue age pricing.
*Out-of-pocket maximum = plan’s deductible. $ amount is for year 2021, but will increase for 2022.

Physicians Mutual Medicare Supplement Plans Reviews and Ratings

Trusted ratings and reviews can help you understand how an insurer’s plans stack up against the competition. See how A.M. Best, the Better Business Bureau, and Consumer Affairs rate Physicians Mutual.

A.M. Best financial strength rating: A A.M. Best sets credit ratings for insurers. As of December 2020, A.M. Best affirmed its “A” FSR rating for Physicians Mutual Life Insurance Company. An A rating in this category indicates an excellent ability to meet financial obligations.
BBB rating: A+ As part of the Physicians Mutual family, Physicians Mutual Insurance Company has been accredited by the Better Business Bureau since 1940. The company has an A+ rating and has closed 57 complaints in the past three years.
Consumer Affairs rating: No customer reviews Consumer Affairs has published a profile about Physicians Mutual, but there have been no customer reviews, so no star rating has been given.
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Certified Senior Advisor (CSA)®

As a health care professional since 1987, Kelly Blackwell has walked alongside and cared for seniors as they journey through the season of their fourth quarter of life. Blackwell holds a Bachelor of Science in nursing from the University of Northern Colorado, a Master of Science in health care administration from Grand Canyon University, an interprofessional graduate certificate in palliative care from the University of Colorado Anschutz Medical Campus and holds a Certified Senior Advisor® credential from the Society of Certified Senior Advisors.

Blackwell contributes to the University of Colorado-Anschutz blog and has been published in “The Human Touch” distributed by the University of Colorado Center for Bioethics and Humanities. She cowrote “Dying Is” for Pathways Hospice.

A registered nurse, Blackwell understands health insurance choices influence quality of life and are driven by values, goals, and beliefs. She’s passionate about engaging with, educating, and empowering seniors as they navigate the health care system. She’s equipped to lend an experienced, compassionate voice to beneficiaries seeking information about Medicare Advantage Plans.

As a CSA®, Blackwell has access to valuable resources for Medicare beneficiaries. Her work as a bedside nurse and clinical manager has given her the opportunity to see how Medicare rules, regulations, and benefits work when patients need them. With a passion to learn and to make a difference in the lives of seniors, Blackwell supports seniors through Medicare and fourth-quarter life decisions.

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