Physicians Mutual’s unique version of Medigap Plan G might offer long-term savings, but overall pricing and complaint rates aren’t great.
Jul 31, 2024 Written by Alex Rosenberg Lead Writer Alex Rosenberg
Lead Writer | Medicare, health care, legislation
Alex Rosenberg is a NerdWallet writer focusing on Medicare and information technology. He has more than 10 years of experience researching and writing about health care, insurance, technology, data privacy and public policy. His research has supported lawmakers in the Wisconsin State Legislature as well as health systems and national health authorities in the U.S. and more than 10 other countries. He is based in Eau Claire, Wisconsin.
Assigning Editor Holly Carey
Assigning Editor | Medicare
Holly Carey joined NerdWallet in 2021 as an editor on the team responsible for expanding content to additional topics within personal finance. She currently leads the Medicare team. Previously, Holly wrote and edited content and developed digital media strategies as a public affairs officer for the U.S. Navy. She is based in Virginia Beach, Virginia.
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NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates pricing, complaint data, online quote availability, coverage options and more.
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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GET A QUOTE Pros & ConsPlan types offered
Medigap plan types the company generally offers (availability may vary by location). Options include Plans A, B, C, D, F, G, K, L, M and N
NAIC complaint rate
How often the company’s members file complaints about their policies as compared to the industry average, according to data from the National Association of Insurance Commissioners (NAIC). NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far more than expected
Premium discounts available
Based on the number and size of a company’s available discounts on monthly premiums, in comparison to other insurance companies.
Plan types offered
Medigap plan types the company generally offers (availability may vary by location). Options include Plans A, B, C, D, F, G, K, L, M and N
NAIC complaint rate
How often the company’s members file complaints about their policies as compared to the industry average, according to data from the National Association of Insurance Commissioners (NAIC). NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far more than expected
Premium discounts available
Based on the number and size of a company’s available discounts on monthly premiums, in comparison to other insurance companies.
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. The company differentiates itself by selling “innovative” versions of Medigap Plan F and Plan G.
The innovative plan versions 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.
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NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
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 Medigap offerings have advantages and disadvantages.
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).
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.
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 falls short of many competitors for standard Medigap plan types. You could consider Physicians Mutual for the “innovative” plans, which might have lower premiums over the long term. But compare quotes carefully, as other companies’ plans might offer low premiums with fewer compromises.”
— Alex Rosenberg , lead writer covering Medicare
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.
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.)
How we evaluate Medigap companies’ pricesThe 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) [0]
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 [0]
Centers for Medicare & Medicaid Services . Find a Medigap Policy That Works For You. Accessed Jul 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.
Physicians Mutual price
Medicare.gov lowest price
Physicians Mutual price
Medicare.gov lowest price
* Physicians Mutual did not have estimated prices for Plan N on file in Dallas.
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.
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]
National Association of Insurance Commissioners . Company Complaint Index. Accessed Jul 25, 2024.NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Physicians Mutual plans spent about 74.7% of premiums on member benefits, according to the most recent annual data [0]
. (The other 25.3% went to overhead expenses like administrative costs, marketing, salaries and commissions.) For comparison, the average for all companies is 80.4%.
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]
Code of Federal Regulations . Title 42, Part 403, Section 215. Accessed Mar 25, 2024.
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates pricing, complaint data, online quote availability, coverage options and more.
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Speak to a licensed insurance agent on askchapter.org M-F 9am-9pm ET, Sa 10am-9pm ETMedigap 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 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]
National Association of Insurance Commissioners . 2022 Medicare Supplement Loss Ratios. Accessed Mar 25, 2024.
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.
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).
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Alex is a NerdWallet writer focusing on Medicare and information technology. He has written about health, tech, and public policy for over 10 years. See full bio.
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. 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 reviewed 13 Medicare Supplement Insurance companies based on highest enrollment and greatest online search volume. At the national level, our scored reviews include companies covering about two-thirds of all Medigap beneficiaries. At the state level, our research includes at least one of the two largest Medigap insurance companies in 48 of the 50 states, plus Washington, D.C.
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. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines and full ratings methodology for Medicare Supplement Insurance.
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.
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