Physicians Mutual Medicare Supplement Insurance 2024 Review

Physicians Mutual Medicare Supplement pros and cons

Our full review

Physicians Mutual Medicare Supplement Insurance 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, online quote availability, complaint data from the National Association of Insurance Commissioners and more.

Physicians Mutual Medicare Supplement plan types

Here are the Medicare Supplement Insurance plan types 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.)

Depending on the state, Physicians Mutual plans are sold under either the Physicians Life or Physicians Select brand names.

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

Physicians Mutual tends to have expensive Medigap premiums. In estimates obtained for this review, its Plan G premiums were 58% higher than the cheapest alternative, and its Plan N premiums were 87% higher. (For an apples-to-apples comparison, we're using standard plans, not the innovative versions.)

Plan G

Plan N

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

53% more complaints than average

Members file complaints about Physicians Mutual Medicare Supplement Insurance plans at a rate about 53% higher than the average for all Medigap plans, according to 2022 and 2023 data from the National Association of Insurance Commissioners for Physicians Mutual and its subsidiaries that sell Medicare Supplement Insurance policies^[0]

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

Physicians Mutual plans spent about 74.7% of premiums on member benefits, according to the most recent annual data^[0]

Medicare Supplement Insurance providers must report data on the premiums they collect and how much they spend to provide benefits for members. The minimum required by law for individual Medigap policies is 60%^[0]

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^[0]