Physicians Mutual is a Medigap provider, learn about their coverage, and explore possible plans. Contact us at 800-208-4974 to learn more about carriers.
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Physicians Mutual Company Background & History
Since 1902, Physicians Mutual Family has been in service for independent folks who realize the importance of working hard in order to provide for their families and secure their future. Determined to make a difference in the world and make a change for the better, Physicians Mutual strives for customer satisfaction by offering solutions that precisely cater to the needs of the working class.
The business keeps things simple and transparent with clients and is all about listening to their situation instead of forcing them to go in a certain direction.
It especially works towards simplifying the daunting procedure of Medicare Supplement Insurance coverage and helps clients pick a plan that is right for them. For this purpose, Physicians Mutual offers various options that not only take into consideration the client’s needs but also their financial capability.
Physicians Mutual Additional Insurance Products
Physician Mutual provides more than just Medicare supplements. They also provide other medicare insurance or life insurance products such as:
- Funeral pre-planning
- Term life insurance
- Whole life insurance
- Dental and vision insurance
- Accidental insurance
- Other annuities
Yes! During the Open Enrollment Period (OEP) Medicare eligible folks that enroll within their first month of being 65 and currently enrolled in Medicare Part B, cannot be turned away even if they have a pre-existing condition. It’s important to note that folks must apply for a Medigap plan within the first 6 months of their 65th birthday.
Yes! their are several Special Enrollment Periods where Medicare-eligible folks can still sign up for a Physicians Mutual Medigap plan. During these special period you have to check your “Guaranteed Issue Rights” to see if you qualify to apply outside the OEP. To save time and stress we recommend that people speak with a licensed insurance agent to find what is best for their situation.
Physicians Mutual Financial Strength and Rating
Known for its history of financial strength, excellent customer service, and reliability, Physicians Mutual is a choice for many. Due to their years of business, they have secured an A (excellent) rating with A.M. Best. This rating comes after doing over 100 years of service for the community and continuous year after year growth.
They have also demonstrated strength in numbers, with over 2.3 billion in assets, and with almost 300 million in totals claims paid annually. They have certainly satisfied their stakeholders and demonstrated that they have a strong executive board that can continue to provide profit for those invested.
Look to see how Physicians Mutual’s financial strength compares to other carriers like Humana Medigap provider.
Physicians Mutual Medicare Supplement Benefits and Coverage Plans
Physicians Mutual offers Medigap plans from Plan A to N. In this article, we will elaborate on Plan F, Plan G, and Plan N. With a Physicians Mutual Medicare supplement plan folks can get coverage on inpatient and outpatient care. This translates into saving out-of-pocket costs for hospital visits, hospice care, vaccinations, specialized chairs, and other benefits.
Most of all, depending on where you live they offer Medicare Supplement plans where the premiums vary according to the amount of coverage provided by each plan. We recommend folks speak with a licensed insurance agent to make sure they’re getting the best rate and best services from carriers.
Physicians Mutual Medicare Supplement Plan F
This plan provides extensive coverage for all the basic benefits, which includes 100% Part B Coinsurance. In this plan, all deductibles and foreign travel emergency coverage are included.
There is also a sub-option known as a High Deductible Plan (HDF), which is the same as your regular Plan F after you have paid an annual deductible of $2,180.
The best part about Plan F is you don’t have to bear any out of pocket expenses. Plan F used to be a much more popular option before many carriers offered Plan G.
Now that lots of companies offer Plan G, there is much more competition over price, making the G plan much more affordable.
Physician Mutual Medigap Plan G
This Medicare Supplement Plan has features and terms similar to that of Plan F, except there is only Part B deductible. This deductible is $226 in 2023.
Part B excess in included 100% and foreign emergency is also allowed. Plan G is the most popular plan for folks buying a Medicare Supplement plan.
The reason this plan is so popular is that the premium savings you get on Plan G more than covers the $226 annual deductible.
For example, a 65-year-old non-smoker is quoted at $160 per month for Plan F and $120 per month for Plan G.
The monthly premium difference is $45 per month or $540 for the year. This is much more than the $226 annual deductible. This person would actually save $357 on Plan G. ($540-$183).
Take a look at how Physicians Mutual compares to other carriers like Gerber Life Medigap Plans and Bankers Life Medicare Supplement.
Medicare Supplement Plan N by Physicians Mutual
This Medicare Supplement plan covers all the basic benefits, just like the other two plans, and includes 100% Part B Coinsurance. The only difference is the coinsurance is covered up to an amount of $20 co-payment for Office, and around $50 for an emergency room.
This plan also covers the Part A deductible and allows foreign emergency travel.
All the plans include skilled nursing facility coinsurance and offer clients significantly superior coverage in comparison to other plans.
Our Expert Advice
With over 100 years of providing insurance products to the U.S. population, Physicians Mutual has undoubtedly made a reputation for themselves. We recommend that folks speak to a licensed insurance agent to see if Physicians Mutual is right for them.
thumbIf you are looking to sign up for a Medicare supplement or have Medicare-related questions, feel free to contact us at 800-208-4974. One of our expert insurance agents will be able to assist you.
Physicians Mutual Medicare Supplement Plans
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Alex Wender is the founder and CEO of Bluewave Insurance. He has been blogging about Medicare-related topics since 2010. Since then, he and his agency have helped thousands of people across the country choose the right Medicare to fit their needs.