Physicians Mutual Medicare Supplement Plans

Physicians Mutual Logo

Share this Content

Physicians Mutual Company Background & History

Opening their doors in 1902 in Omaha, Nebraska, Physicians Mutual family is an independent insurance service for everyday people. Physicians Mutual puts a particular focus on customer service and customer satisfaction by offering insurance solutions that cater to the specific needs of the working class.

Among a variety of insurance options, Physicians Mutual offers Medicare Supplement plans – also called Medigap plans – depending on where you live. Offering plans A through N, most people should be able to find a plan with Physicians Mutual that matches both their healthcare needs and their budget.

Below is an overview of Physicians Mutual Medigap plans, as well as some additional information that will help you decide if Physicians Mutual is the insurance provider for you.

Physicians Mutual Supplement Plans for 2021

Before jumping into Physicians Mutual Medigap plans, we’ll quickly cover what a Medigap plan is. These Medicare Supplement plans are designed to “fill in the gaps” that aren’t covered by Medicare Parts A and B. Examples of these gaps would include coinsurance, deductibles, and co-payments. Medigap plans are standardized across the entire insurance industry and country, meaning you will receive the same coverage benefits whether you choose a plan with Physicians Mutual or Humana.

In total, there are 12 plans, though only 10 are available to new Medicare enrollees. Each plan carries a different letter of the alphabet (Plan A, Plan B etc.). While not every carrier offers all 10 plans, all carriers must offer at least Plan A.

While there is Medicare Part A and Part B, we should note that these are not the same as Medigap Plan A or Plan B.

Different letter plans provide different coverage levels, but each letter plan must have the same standardized level of coverage regardless of location or insurance company. For example, Medigap Plan G in Colorado should have the same benefits as Medigap Plan G in New York.

Will Physicians Mutual Charge Me Higher Rates if I have a Pre-existing Condition?

So long as you enrol in one of their Medigap plans during your Open Enrollment Period, then no, you will not be charged a higher rate for having a pre-existing condition. Your Open Enrollment Period begins on the first day of the month after you turn 65 and have registered for Part B. Keep in mind that the enrollment window is only open for six months.

During these six months, you will have a guaranteed-issue right to enroll in any locally available plans, including any available Physicians Mutual plans. This means that no insurer can deny you coverage based on pre-existing conditions by law, though a waiting period may apply.

Happy senior citizen spraying plants in the garden knowing he is covered by Physicians Mutual.
While you can still sign up for a Medigap plan outside of your Open Enrollment Period, there are several caveats to enrolling.

Can I still sign up for Physicians Mutual Medigap plans if I missed the Open Enrollment Period?

While you can still sign up for a Medigap plan outside of your Open Enrollment Period, there are several caveats to enrolling. For starters, outside of your enrollment period, you may not be eligible for guarantee-issue rights. This means that before getting approved for a plan, you could be subject to medical underwriting, and therefore higher premiums. In some cases, you can even be denied coverage.

If you’re lucky enough to live in New York, New York, or Washington, you will have guarantee-issue rights all year round. Maine also has its own set of rules around guarantee-issue rights.

Feel free to reach out to one of our licensed specialists to learn more about your guarantee-issue rights and find out when you should enroll in a Medigap plan.

Physicians Mutual Rating

Physicians Mutual is the choice of many Medigap policyholders due to its financial strength, reliability, and history of excellent customer service. AM Best, one of the premier rating agencies for Medigap providers, has given Physicians Mutual an “A” (excellent) rating.

Further, Physicians Mutual has a strong financial outlook with over $2.3 billion in assets and nearly $300 million in total claims paid annually.

Physicians Mutual Medigap Rates

Rates are going to vary from person to person depending on numerous factors such as age, gender, whether or not you use tobacco, and, most importantly, location. While federal law mandates that the same letter plans have the same coverage benefits, premium rates differ significantly. Additionally, rates generally increase every year, though rate increases also depend on a variety of factors.

Because policy rates differ so much, it’s strongly advised that you shop around the market to find the best plan for your individual needs.

Some of the reasons rates will vary so much is because of how rates are structured. The three general ways to structure rates are:

Issue-age rated: plans will partially base their premiums on your age at the time you registered for the policy. The younger you were when you registered for the plan, the lower your premiums will be.

Community no-age-rated: premium charges are the same, no matter what your age is.

Attained-age: Like issue-age rates, attained-age policies base their premiums on your age when you first bought the plans. The difference is that, under an attained-age policy, premium rates increase as you age.

You should also remember that while different rating methods can be used in different places, premiums can increase over time due to reasons like inflation.

How to Find a Physicians Mutual Medigap Plan Near You

Physicians Mutual is known for its strong customer service and steady hand in the market. However, as we have said before, it’s wise to shop around to different companies to compare rates and company ratings.

To get a better idea of how Physicians Mutual Medicare Supplement plan rates compare to other Medigap policies in your area, feel free to reach out to us today. When you give us a call or send an email, one of our licensed Medicare agents will study your case and then contact you with the most current rates in your area. If available, your assessment will include rates for Physicians Mutual Medigap plans. Don’t be afraid to reach out, we’re here to help make Medicare easy and accessible to you!

Related Blog Posts

Picture of Justin Brock

Justin Brock

President & CEO of Bobby Brock Insurance