Physicians Mutual Medicare Supplement Insurance 2024 Review

Physicians Mutual’s unique version of Medigap Plan G might offer long-term savings, but overall pricing and complaint rates aren’t great.
Alex Rosenberg
By Alex Rosenberg 
Edited by Holly Carey

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Physicians Mutual Medigap

Physicians Mutual

Physicians Mutual offers "innovative" plans that add a deductible for a few years, but might have lower premiums for life. But overall pricing and complaint rates aren't great.

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Plan types offered

A, F, G and N.


NAIC complaint rate

More than expected


Premium discounts available

Above average


Plan types offered

A, F, G and N.


NAIC complaint rate

More than expected


Premium discounts available

Above average


Pros

  • "Innovative" plans might offer lower premiums over the long term.
  • May offer a 10% household discount with easy-to-meet terms (varies by location and other factors).

Cons

  • High premiums, on average.
  • Few plan types offered.

Physicians Mutual Medicare Supplement Insurance is available in 30 states and Washington, D.C. Depending on the state, it’s sold under either the Physicians Life or Physicians Select brand names.

Physicians Mutual differentiates itself by selling its own “innovative” versions of Plan F and Plan G, which might offer long-term savings on premiums in exchange for meeting an annual deductible for a few years.

Here's what you should know about Physicians Mutual Medicare Supplement Insurance.

Physicians Mutual Medicare Supplement Insurance

2.0

NerdWallet rating 

Physicians Mutual Medicare Supplement Insurance earned 2 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account pricing, coverage options, complaint data from the National Association of Insurance Commissioners and more.

Still deciding on the right carrier? Compare Medigap plans

Physicians Mutual Medicare Supplement pros and cons

Physicians Mutual Medigap offerings have advantages and disadvantages.

Pros

Innovative plan options: Physicians Mutual’s innovative plans might offer lower premiums in the long term.

Discounts: Premium discounts are offered for living with another adult, avoiding tobacco use and setting up automatic bank account payments (availability varies by location and other factors).

Cons

Pricing: Physicians Mutual’s premiums are considerably higher than most competitors, on average.

Customer complaints: Physicians Mutual beneficiaries file complaints about the company’s Medicare Supplement Insurance plans at above-average rates.

Physicians Mutual Medicare Supplement plan types

Here are the Medicare Supplement Insurance plans Physicians Mutual offers for any Medicare member:

  • Medigap Plan A — the basic benefits included in every Medigap plan without any extras.

  • Medigap Plan G — the highest-coverage option available to new Medicare members. Available as a high-deductible plan and/or an innovative plan with a deductible in certain locations.

  • Medigap Plan N — a plan with lower premiums but higher copays.

Physicians Mutual also offers Medigap Plan F and the high-deductible version of Plan F (in certain locations) for individuals who were first eligible for Medicare before 2020. Newer Medicare members can't buy these plans from any insurance company.

In addition, Physicians Mutual offers plans in Wisconsin that fit the state's Medigap standards. (Massachusetts, Minnesota and Wisconsin don't use the same Medigap standardization system as the rest of the country.)

Physicians Mutual Innovative Plans F and G

Physicians Mutual offers unique “innovative” versions of Plan F (for those who qualify) and Plan G in addition to the standard versions.

(Innovative plans are plans that have special approval from the insurance commissioner to offer new or different benefits on top of what’s included in the standardized version of a plan.)

Physicians Mutual’s innovative plans have lower premiums, but they add a deductible for the first three calendar years of the plan. All other benefits are the same.

(You’re also responsible for the Medicare Part B deductible with either standard or innovative Plan G, but standard Plan G doesn’t have its own additional deductible.)

After the third calendar year with the innovative version of Plan F or G, the deductible goes away, but the lower premiums remain in effect.

Cost for Physicians Mutual Medicare Supplement Insurance

The following price estimates were obtained for three metropolitan areas representing above-average, average and below-average costs for the most popular Medicare Supplement Insurance plans (Plan G and Plan N)

NerdWallet analysis of American Association for Medicare Supplement Insurance data. Best Costs Medigap 2024 – Plan G. Accessed Mar 25, 2024.
:

  • Los Angeles: More expensive than average.

  • Atlanta: Average cost.

  • Dallas: Less expensive than average.

The sections below show pricing information from Physicians Mutual for a 65-year-old female nonsmoker as filed with the Centers for Medicare & Medicaid Services

Centers for Medicare & Medicaid Services. Find a Medigap Policy That Works For You. Accessed Mar 25, 2024.
. (Note: Some Medigap prices may be higher for males.)

For comparison, the table for each plan also includes the price for the least-expensive option to buy the same plan from any company that filed prices. For example, Physicians Mutual’s price for Medigap Plan G in Los Angeles appears alongside the lowest price on Medicare.gov for all Plan G policies available in Los Angeles to an applicant with identical demographics.

Plan G

On average, Physicians Mutual’s estimated premiums for Medigap Plan G were about 56% higher than the least expensive Plan G policy in the area.

Physicians Mutual price

Medicare.gov lowest price

Los Angeles

$203.

$137.

Atlanta

$227.

$119.

Dallas

$141.

$109.

Plan N

On average, Physicians Mutual’s estimated premiums for Medigap Plan N were about 56% higher than the least expensive Plan N policy in the area.

Physicians Mutual price

Medicare.gov lowest price

Los Angeles

$168.

$105.

Atlanta

$188.

$90.

* Physicians Mutual did not have estimated prices for Plan N on file in Dallas.

Discounts

Physicians Mutual offers several possible discounts on premiums to qualifying beneficiaries who:

  • Live with another adult age 60 or older.

  • Do not use tobacco.

  • Pay by automatic bank account withdrawals.

Discount amounts and availability may vary according to factors such as your location, household status and how you apply for a policy.

Physicians Mutual member complaints

32% more complaints than average

Members file complaints about Physicians Mutual Medicare Supplement Insurance plans at a rate about 32% higher than the average for all Medigap plans, according to 2022 data from the National Association of Insurance Commissioners for Physicians Mutual and its subsidiaries that sell Medicare Supplement Insurance policies

National Association of Insurance Commissioners. Company Complaint Index. Accessed Mar 25, 2024.
.

NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

Physicians Mutual’s spending on care

74.7% for member benefits

Medicare Supplement Insurance providers must report data on the premiums they collect and how much they spend to provide benefits for members.

Based on the most recent year of data, Physicians Mutual plans spend about 74.7% of premiums on member benefits

. (The other 25.3% goes to overhead expenses like administrative costs, marketing, salaries and commissions.)

For comparison, the average for all providers is 80.4%. The minimum required by law for individual Medigap policies is 60%

Code of Federal Regulations. Title 42, Part 403, Section 215. Accessed Mar 25, 2024.
.

Additional benefits

Medigap plans are standardized, but companies can offer extras on top of the Medicare benefits. Here are a few examples of added perks that might be available from Physicians Mutual:

  • A “second chance” option to switch from one Medigap plan type to another within the first two years without medical underwriting.

  • Fitness benefits through Silver&Fit.

  • Coverage for certain preventive services available either as an added rider or built into the plan.

Availability and terms vary by state and the Physicians Mutual subsidiary that underwrites the plan. Review plan materials to see what’s available in your location.

Physicians Mutual Medicare Supplement Insurance service area

Physicians Mutual offers Medicare Supplement Insurance plans in 30 states and Washington, D.C.

As of March 2024, Physicians Mutual sells plans under Physicians Life Insurance Company in 19 states and Washington, D.C., while Physicians Select Insurance Company covers the other 11 states.

Physicians Mutual covers about 150,000 Medigap beneficiaries in all and has about a 1% share of the total Medicare Supplement Insurance market

National Association of Insurance Commissioners. 2022 Medicare Supplement Loss Ratios. Accessed Mar 25, 2024.
.

Compare Medicare Supplement Insurance companies

Get more information below about some of the major Medicare Supplement Insurance companies. These insurers offer Medigap plans in most states, but specifics may vary depending on your location.

Find the right Medicare Supplement Insurance plan

Because Medigap plans are standardized, you can get precisely the same Medicare benefits from any company offering the plan. So when you shop, keep these considerations in mind to find the best policy to fit your needs:

  • Is your preferred plan available? Health insurance companies don’t always sell every plan, so check who sells the plan you want to buy in your area.

  • What are the premiums? Prices for the same plan can vary between companies, so check to find the most competitive rates.

  • Will your premiums change over time? Most policies cost more as you age, but some companies offer policies that let you lock in a price when you sign up.

  • Are there extras? Medigap plans’ core benefits are standardized, but in certain cases, some companies include such perks as discount programs or gym memberships.

If you have additional questions about Medicare, visit Medicare.gov or call 800-MEDICARE (800-633-4227, TTY 877-486-2048).

Medicare Supplement Insurance ratings methodology

NerdWallet’s Medicare Supplement Insurance (Medigap) ratings are based on pricing, discounts, plan types offered, complaint data from the National Association of Insurance Commissioners, consumer experience, additional perks and benefits, and more. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best coverage and rate for you.

To calculate each health insurance company's rating, we adjusted the scores to a curved 5-point scale, rounded to the nearest half star. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines and full ratings methodology for Medicare Supplement Insurance.

Insurer complaints methodology

We examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, we calculated a similar index for each insurance company, weighted by market shares of each subsidiary. We score companies based on this index of how many complaints the company receives relative to its market share. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

Still deciding on the right carrier? Compare Medigap plans

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