by Russell Noga | Updated October 26th, 2023
Dealing with healthcare costs as you get older can leave you wondering about the stability of your financial future during your retirement years. With the United States having the most expensive healthcare costs in the world, it’s easy to feel insecure about your retirement finances.
Medicare Parts A & B help you deal with healthcare costs during your retirement years, and every American should register for Medicare Parts A & B.
However, Original Medicare doesn’t cover everything, and you’ll have to pay the remaining 20% of out-of-pocket healthcare costs not covered by Parts A & B.
A Medicare supplement plan, also known as “Medigap,” can assist you with covering these additional costs left behind by your Medicare policies. Medigap is available in ten plans A, B, C, D, F, G, K, L, M & N. Each offers different coverage and benefits.
Medigap policies are available from different private healthcare providers across the United States.
This article looks at Physicians Mutual Medicare supplement plans and the various options, coverage, and monthly premiums.
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Physicians Mutual Medicare Supplement Plans at a Glance
Physicians Mutual Medicare Supplement Plans offer a limited range of Plans, A, F, G, and N. However, they offer three variations of Plan G and two of Plan F. The variants come with different price points and deductible amounts, with the high-deductible portion applying for the first three years, before falling away entirely.
It’s a unique model and a great cost-saving alternative for seniors who want the best coverage possible for medical emergencies but are willing to trade a higher deductible for lower premiums. You get over for Parts A & B, with no maximum dollar amount on benefits received. The company also offers a “Second-chance guarantee,” allowing clients to switch plans after the first two years without underwriting.
Physicians Mutual also offers a household discount, and the monthly premiums on the “Innovative” plans are lower than the standard variations. However, Physicians Mutual doesn’t cover all states and is available in select locations nationwide.
Who Are Physicians Mutual Insurance Company?
Founded in 1902, Physicians Mutual has its corporate headquarters in Omaha, Nebraska. The Physicians Life Insurance Company is a member of Physicians Mutual, operating since 1970. Physicians Mutual received a patent for its “Innovative Medicare Supplement Plans” in 2013, combining a high-deductible policy with comprehensive Medicare supplemental coverage.
Physicians Mutual Medicare Supplement Plans – Benefits & Coverage
Physicians Mutual has limited Medigap plans, with some interesting options. The company offers Plans A, F, G, and N, but with two variations for Plan F and three variations for Plan G.
Physicians Mutual Innovative Plan F
This plan has a $2800 deductible, up from the standard plan Part A deductible of $1,600. You pay the deductible for the first three years before it falls away. As a result, after three years, you get all the same benefits of the standard plan F, with the same deductible and lower premiums.
Physicians Mutual Plan F
The standard Plan F has a $1,600 deductible but a higher monthly premium. However, it’s important to note that all Plan F policies are only available for seniors qualifying for Medicare before January 1, 2020. If you’re eligible for Medicare past this cut-off date, choose one of the Plan G options.
Physicians Mutual Innovative Plan G
Plan G comes in high-deductible versions and in the “Innovative” Plan G option unique to Physicians Mutual. Like the Plan F version, the deductible increases from $1,600 to $2,700 for Part A and falls away after three years. You keep the low premiums and maintain all the benefits of standard Plan G.
Physicians Mutual Plan G
The standard Plan G is the most comprehensive offering for beneficiaries eligible for Medicare after the January 1, 2020, cut-off date. The only thing it doesn’t cover is the Medicare Part B deductible of $240 in 2024 (Plan F covers this).
Physicians Mutual Plan N
Physicians Mutual recently added Plan N to its lineup. Plan N is popular due to its good coverage and low premiums. However, this comes with a trade-off of making copayments of $20 when visiting the doctor and $50 when visiting the emergency room. The $50 copayment is waived if you’re admitted to the hospital.
All Plans offer the following benefits.
- Part A coinsurance and hospital costs up to 365 days after using your Medicare benefits.
- Part A hospice care coinsurance or copayment.
- Part B coinsurance or copayment.
- Blood transfusion costs for the first three pints of blood.
- Part A deductible.
- Part B excess charges (Plan N doesn’t cover this).
- Skilled nursing facility care coinsurance.
- 80% of emergency healthcare costs when traveling outside the US for 60 days. ($250 deductible and $50,000 maximum apply.
- Unlimited coverage for all benefits.
What Physicians Mutual Medicare Supplement Plans Don't Cover
The coverage in Medigap Plans offered by Physicians Mutual is extensive. However, it doesn’t cover expenses outside of inpatient and outpatient care. For instance, the plans don’t cover prescriptions or preventative care like vision, hearing, and dental services.
You also don’t have coverage for extended stays in non-skilled nursing homes or for private nursing care. Plans A, G, and N don’t cover the Part B deductible. Plan N doesn’t cover you for Part B excess charges incurred when visiting practitioners that charge more than the Medicare-approved amount, known as “Medicare Assignment” rates.
Physicians Mutual Medicare Supplement Plans – Premiums
The premiums for Medigap plans are affordable. Here’s what a 65-year-old female nonsmoker can expect to pay for Plans A, G, and N in the state. Note that the rates may vary depending on gender, age, and smoking status. Premiums can also vary depending on the state you reside in.
Physicians Mutual Medicare Supplement Plans – Third-Party Ratings & Reviews
Physicians Mutual has good customer service reviews and an A+ rating from the Better Business Bureau. AM Best gives the company a financial strength rating of “A.”
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Frequently Asked Questions
What are the key features of Physicians Mutual Medicare Supplement plans?
Physicians Mutual Medicare Supplement plans provide additional coverage to fill the gaps in Original Medicare, including coverage for deductibles, coinsurance, and other out-of-pocket expenses. They offer flexibility to choose any healthcare provider that accepts Medicare patients.
Who is eligible to enroll in Physicians Mutual Medicare Supplement plans?
Eligibility for Physicians Mutual Medicare Supplement plans generally requires individuals to be enrolled in both Medicare Part A and Part B. Enrollment is typically open to people who are 65 years or older, or those under 65 with certain disabilities.
What is the difference between Physicians Mutual Medicare Supplement Plan G and Plan N?
Physicians Mutual Medicare Supplement Plan G offers comprehensive coverage, including coverage for the Part A deductible, Part B excess charges, and skilled nursing facility coinsurance. Plan N provides similar coverage but with some cost-sharing, such as a copayment for office visits and emergency room visits.
What coverage and benefits are included in Physicians Mutual Medicare Supplement plans?
Physicians Mutual Medicare Supplement plans typically cover Medicare Part A and B coinsurance, hospital costs, and provide coverage for additional services like preventive care, skilled nursing facility care, and foreign travel emergencies. The specific coverage may vary based on the plan.
Are there any additional benefits or perks offered by Physicians Mutual Medicare Supplement plans?
While specific benefits and perks may vary, Physicians Mutual Medicare Supplement plans may offer benefits such as coverage for prescription drugs, vision and dental care, fitness programs, and 24/7 nurse helpline. It’s important to review the details of each plan to understand the specific benefits included.
How can I enroll in Physicians Mutual Medicare Supplement plans?
To enroll in Physicians Mutual Medicare Supplement plans, you can contact Physicians Mutual directly or work with a licensed insurance agent who represents Physicians Mutual. They can guide you through the enrollment process, help you choose the most suitable plan, and assist with any required paperwork.
Can I keep my current healthcare providers with Physicians Mutual Medicare Supplement plans?
Physicians Mutual Medicare Supplement plans work with any healthcare provider that accepts Medicare patients, giving you the freedom to choose your preferred doctors and specialists. It’s always recommended to check with your specific healthcare providers to ensure they accept Medicare assignment.
What factors should I consider when comparing Physicians Mutual Medicare Supplement plans?
When comparing Physicians Mutual Medicare Supplement plans, consider factors such as the specific coverage offered, premium rates, company reputation, customer service quality, and any additional benefits or perks that align with your healthcare needs.
Are there any discounts or savings opportunities available for Physicians Mutual Medicare Supplement plans?
Physicians Mutual may offer discounts or savings opportunities for Medicare Supplement plans. These can vary based on factors such as age, household discounts, or payment method discounts. It’s recommended to inquire directly with Physicians Mutual or their authorized agents to learn about any available savings opportunities.
Where can I get more information about Physicians Mutual Medicare Supplement plans?
To get more information about Physicians Mutual Medicare Supplement plans, visit their official website or contact Physicians Mutual directly. Additionally, you can consult with licensed insurance agents who represent Physicians Mutual to get personalized guidance and assistance in understanding the plan options.
Reach Out for Free Advice and Quotes on Physicians Mutual Medicare Supplement Plans
Our team of fully licensed Medigap agents is available at 1-888-891-0229. Call us for a free consultation and quote on any Medigap plan from Physicians Mutual.
We’ll get you the best rate in your state on any plan and explain the benefits available to you. You can use the free tool on our site to get a free automated quote or leave your contact details on our form, and we’ll get a consultant to call you back to discuss your needs.
Russell Noga is the CEO of Medisupps.com, an online Medicare Agency and resource center helping Medicare beneficiaries learn about Medicare, Medigap and Part D drug plans, and Medicare Advantage plans since 2009. Russell is licensed in all 50 states and has been featured as a keynote speaker, and author of several publications, along with hosting the very popular Medisupps.com Youtube channel.