Looking for a Lower-Cost Medicare Supplement
Take a Look at Physicians Mutual’s Innovative Plan G
If you’re on Original Medicare, you’ve probably heard that a Medicare Supplement (Medigap) plan can help cover the costs Medicare doesn’t, like deductibles, copays, and coinsurance. Plan G is one of the most popular choices, but premiums can add up year after year. That’s where Physicians Mutual’s Innovative Plan G comes in.
What Is Innovative Plan G?
Innovative Plan G is a version of standard Plan G that comes with a lower monthly premium. Physicians Mutual says its premiums for the innovative plan can be more than 25% cheaper than its standard Plan G. The savings come with a trade-off, which we’ll cover below. nerdwallet
Physicians Mutual was awarded a patent in 2013 for this Innovative Medicare Supplement option, which pairs a deductible with comprehensive coverage. medicareplans
The Benefits
A lower monthly premium. For many people on a fixed income, a lower premium makes budgeting easier month after month.
Built-in preventive benefits. Preventive coverage is built into the Innovative Plan G, with benefits for covered preventive services that Medicare doesn’t pay. physiciansmutual
Plan G coverage once the deductible is met. After the annual deductible, the plan works like Plan G, which helps cover many of the out-of-pocket costs Original Medicare leaves behind. You will still have the Medicare Part B deductible.
A deductible most customers don’t reach. The company reports that four out of five customers who enjoy the lower premiums never reach their out-of-pocket deductible of $2,800 per year. This is based on the company’s own average spending data, and your experience may differ. physiciansmutual
How the Savings Can Add Up Over the Years
Because the premium is lower every month, the difference compounds each year you keep the plan. Medigap premiums typically rise over time, whether through attained-age pricing or rate increases. Since the innovative plan starts from a lower base, the dollar difference between the two can grow as rates rise. For an accurate picture, ask me for a personalized quote, and I’ll show you both plans side by side with your actual numbers.
What to Know Before You Decide
Innovative Plan G isn’t right for everyone, so it’s worth understanding the trade-off.
There is a deductible. With the Innovative Discount Rider, you must meet an annual plan deductible before the plan pays anything, except preventive benefits. If you expect high medical costs in a given year, a standard Plan G may be the better fit. physiciansmutual
Rider timing matters. If you drop the rider before year three, your premium becomes the standard Plan G premium and the preventive coverage ends. physiciansmutual
It’s not on Medicare.gov. The Innovative Plan G doesn’t appear in Medicare’s plan finder, so you need to contact Physicians Mutual or an agent to get a quote. medicareplans
Availability varies by state. Not every state offers it, As of November 1st it is Available in Florida.
Is It Right for You?
If you’re generally healthy, want comprehensive Medigap coverage, and would like to lower your monthly premium, Innovative Plan G is worth a look. If you’d rather have no deductible at all, or you expect significant medical expenses, we can compare it against a standard Plan G and other options.
James Vaughn - Licensed Insurance Agent
Call James Vaughn at Premier Insurance at 352-652-8282 for a personalized comparison. I’ll walk you through the numbers so you can decide with confidence.
Schedule your no obligation Consultation Today