What Does Select Mean?
In most cases, the word SELECT refers to a special type of Medicare Supplement plan that limits its policyholders to only certain hospitals in non-emergency situations. With Physicians Mutual, the word SELECT doesn’t mean anything. It’s just the name of the company.
What Is An Innovative Plan G?
Understanding what an innovative plan is can be a challenge, especially when it comes to Physicians Mutual’s unique offering. You may have heard that Medicare Supplements are generally the same from company to company if the plan letter is the same. For instance, a plan G from Aetna offers the same benefits as one from Mutual of Omaha. However, Physicians Mutual’s SELECT Insurance INNOVATIVE Plan G is an exception to this rule, offering unique features that set it apart.
In 2013, Physicians Mutual was granted a patent for the Innovative Plan G, a testament to their pioneering approach in offering a more cost-effective plan. This plan is designed to attract new buyers and retain their business over time. The concept is that the policyholders who opt for the Innovative plan are generally healthier and require little or no care when they start the plan, providing a reassuring financial investment.
Under the Innovative Plan G, the policyholder is responsible for paying an annual deductible during the first three years. This deductible is equivalent to the Annual Medicare Deductible on the High Deductible G plan, around $3,000. Medical services are billed to Medicare, and Medicare pays the Medicare-approved amount. The policyholder is responsible for the remainder of the bill until they have reached the Annual Deductible. Medicare sets the Annual Deductible and changes every year.
Does The Innovative Plan Provide Additional Preventive Care?
Aside from a lower premium than the regular G plan, Physicians Mutual offers extra coverage for Preventive Care that’s not covered by Medicare or a traditional plan G. The preventive care rider is a complimentary benefit for the Innovative policyholders. It covers a range of preventive health care expenses, including comprehensive physical exams or blood tests unrelated to a diagnosis or upcoming procedure, Medicare-specified preventive screenings performed outside Medicare’s frequency limits or other qualification standards, and vaccines not covered by Medicare.
Preventive care expenses do not include:
1. Dental services defined by American Dental Association Current Dental Terminology (CDT) codes;
2. Chiropractic services, acupuncture, and acupressure services;
3. Weight loss treatment of any type;
4. Prescription drugs or over-the-counter drugs, supplements, or tests, including COVID tests and colonoscopy prep;
5. All vision services;
6. Experimental preventive services;
7. Any test, screening, or procedure to determine the likelihood of developing or passing on to children any disease or disorder, including but not limited to genetic testing
How Does The Innovative Plan G Work?
After you have the Innovative Plan G for the remainder of the calendar year and the next two calendar years, the deductible vanishes, the policy becomes a regular Plan G, and you keep the lower cost Innovative premiums for the policy’s life. If you want to change to the regular G plan before your first two years are over, you can switch with no questions asked. There’s no penalty for changing, but you must pay an increased plan G premium. If you like the preventive care benefits, you can keep those too. Just pay an additional $9.53 monthly to keep the preventive care benefit.
Because the insurance company expects to pay fewer claims on this group of people, they offer it at a lower price. Since the plan starts at a lower price, the rates should stay lower than the regular plan G over the years.
What States Is The Physicians’ Select Insurance Medigap Plans Available in?
Their Medicare Supplement plans are currently offered in 25 states including; Alabama, Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisinana, Mississippi, Maryland, North Carolina, Nebraska, Nevada, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Tennesee, Texas, Utah and Wisconson.