Physicians Mutual Insurance Company, Inc. (Innovative): What the Label Means
By Anthony Orner, Independent Licensed Medicare Insurance Broker · Filed-rate data as of September 11, 2026 · Source: CSG Actuarial
Saw “(Innovative)” next to Physicians Mutual on Medicare.gov?
It is Plan G with a catch up front. For the first three calendar years you pay a deductible of $2,950 a year (2026 amount) before the plan pays. After that it is ordinary Plan G. The premium stays lower for as long as you keep it: 36% below Physicians Mutual's own standard Plan G at 65.
Among the states in our CSG file, Physicians Mutual Insurance Company (NAIC 80578) files Innovative Plan G in Alabama, Arizona, Mississippi, North Carolina and Nebraska. The deductible matches the amount CMS sets for high-deductible Plan G. It is a trade: three years of deductible risk for a permanently lower premium.
The question I get from callers holding this quote is simple. Is it a good deal? The answer depends on what you compare it to. Against Physicians Mutual's own Plan G, yes. Against the whole market, not on today's filings: in every state below, at least one carrier sells a Plan G for less, without the deductible.
Carriers pay the broker; the price you pay is the same either way.
What Innovative Costs at 65, by State
Monthly premiums, female, non-tobacco, no household discount. Each figure is the median across the state's rating areas in the CSG filing.
| State | Innovative G | Its standard G | Its Plan N | Lowest standard G, any carrier or health class | Carriers below Innovative |
|---|---|---|---|---|---|
| Alabama | $169.00 | $264.67 | $245.29 | $114.87 | 11 |
| Arizona | $152.05$152.05 to $176.06$176.06 where both are filed | $273.10filed in 4 of 14 areas | $253.03 | $145.00 | 2 |
| Mississippi | $140.24$140.24 to $155.82 | $219.63 | $203.54 | $126.62 | 5 |
| North Carolina | $133.71 | $209.40 | $194.08 | $114.97 | 3 |
“Its standard G” and “Its Plan N” are Physicians Mutual's own filings, compared only in rating areas where it files both. “Carriers below Innovative” counts carriers whose standard Plan G costs less in at least half the state's Innovative rating areas. Some are a best-health (preferred) class you must qualify for.
How the Deductible Years Work
Physicians Mutual counts calendar years, January to December, not 12-month policy years. A policy that starts in October spends those three months as year one. The deductible ends on January 1 of your fourth calendar year. Confirm that date on your outline of coverage before you sign.
- Years one to three: you pay up to $2,950 a year (2026) before the plan pays. The $283 Part B deductible is yours on any Plan G.
- From January 1 of your fourth calendar year: standard Plan G benefits. No deductible beyond Part B's.
- The premium never moves up to the standard rate. It rises the way any Medigap premium does, with age and with rate filings.
In a light year the extra cost is the 20% Part B coinsurance on doctor visits and tests, which standard Plan G would have paid. A heavy year is different. One hospital stay brings the $1,736 Part A deductible, and in years one to three that counts toward your deductible instead of being paid by the plan.
The Math in North Carolina
At 65 in North Carolina, Innovative saves $908 a year against Physicians Mutual's own Plan G. In the best case, a quiet three years, you keep all of it from the first month.
In the worst case you hit the full deductible every year. That is $8,850 over three years at 2026 amounts, against $2,725 in premium saved. You start year four $6,125 behind, and the premium gap takes about 7 more years to pay it back.
Three things shift that. If your Part B deductible counts toward the Innovative deductible, as it does on high-deductible Plan G, the worst case is $283 a year smaller. If the deductible follows the CMS figure upward, it is larger. And in an attained-age state, both premiums climb with age, so the dollar gap widens and the payback comes a little sooner.
The Savings Grow With Age
The discount is a percentage, so the dollar saving grows as the premium does. Yearly saving against Physicians Mutual's own Plan G, by age at today's filed rates:
| State | Age 65 | Age 70 | Age 75 | Age 80 | Rated by |
|---|---|---|---|---|---|
| Alabama | $1,148/yr | $1,318/yr | $1,513/yr | $1,737/yr | attained age |
| Arizona | $1,164/yr | $1,242/yr | $1,941/yr | $1,941/yr | issue age |
| Mississippi | $953/yr | $1,094/yr | $1,256/yr | $1,441/yr | attained age |
| North Carolina | $908/yr | $1,043/yr | $1,197/yr | $1,374/yr | attained age |
The table shows what a new buyer at each age pays today. Under issue-age rating, the premium is set by your age at purchase and does not climb with birthdays. Under attained-age rating, it does.
State by State: Is It the Best Price?
Alabama · 16 rating areas · rates effective July 1, 2026
In Alabama, 11 carriers file a standard Plan G below Innovative at 65, with no deductible at all. The lowest is GPM Health and Life at $125.91.
Below Innovative at 65: GPM Health and Life $125.91 · LifeShield National $136.89 · Bankers Fidelity (Atlantic Capital Life) $144.96 · State Farm $153.00 · USAA Life $153.51 · HealthSpring Insurance (HCSC) $156.45 · Insurance Company of North America (Chubb) $157.50 · AARP / UnitedHealthcare $157.58 · American Benefit Life $161.86 · Plateau Insurance $162.37 · Aflac (Tier One Insurance) $164.66
Arizona · 14 rating areas · rates effective July 1, 2026
In Arizona, WMI Mut Ins Co and Bankers Fidelity (Atlantic Capital Life) file a lower Plan G at 65 across the state, and each is a best-health (preferred) class. At an ordinary health class, Innovative is the lowest Plan G premium filed in 11 of 14 rating areas; in the rest, another carrier's standard Plan G costs less.
Below Innovative at 65: WMI Mut Ins Co $145.00 (preferred) · Bankers Fidelity (Atlantic Capital Life) $146.51 (preferred)
Mississippi · 15 rating areas · rates effective July 1, 2026
In Mississippi, 5 carriers file a standard Plan G below Innovative at 65, with no deductible at all. The lowest is Bankers Fidelity (Atlantic Capital Life) at $126.62 (its preferred-health class).
Below Innovative at 65: Bankers Fidelity (Atlantic Capital Life) $126.62 (preferred) · Nassau Life Insurance Company $130.39 · Insurance Company of North America (Chubb) $131.60 · American Benefit Life $135.55 · LifeShield National $138.66
North Carolina · 73 rating areas · rates effective August 1, 2026
In North Carolina, 3 carriers file a standard Plan G below Innovative at 65, with no deductible at all. The lowest is Bankers Fidelity (Atlantic Capital Life) at $114.97 (its preferred-health class).
Below Innovative at 65: Bankers Fidelity (Atlantic Capital Life) $114.97 (preferred) · Nassau Life Insurance Company $131.54 · AARP / UnitedHealthcare $132.20
Can I Buy Innovative Through You?
Yes, in Alabama, Arizona, Mississippi and North Carolina. You won't find Innovative in the Plan G tables on our state pages, and that is on purpose. For three years it carries a deductible no standard Plan G has, so setting its premium beside theirs makes it look cheaper than it is.
If you have weighed the deductible and it fits, call and we can help you apply. Same price as applying direct.
Looking for a regular Plan G instead, no deductible beyond Part B's? Enter your ZIP and we'll compare every carrier's standard Plan G at your age.
36% off Physicians Mutual's own Plan G is not the same as the lowest Plan G.
Call with your ZIP and birth month. I read back every Plan G filed for you, cheapest first.
See Every Plan G Filed at Your Age — 855-559-1700Which Company Is on the Policy
Physicians Mutual sells Medigap through more than one company, and the name on Medicare.gov tells you which. Each is keyed here by its NAIC number, the identifier your state insurance department uses.
- Physicians Mutual Insurance Company (NAIC 80578), rated A+ by AM Best: Innovative and standard Plan G in Alabama, Arizona, Mississippi, North Carolina and Nebraska, among the states in our CSG file.
- Physicians Select Insurance Company (NAIC 17414): the same Innovative design in Colorado, Iowa, Indiana, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee and Texas. Our Physicians Select review covers its rates and filings.
- Physicians Life Insurance Company (NAIC 72125): standard plans in Arkansas, Delaware, Florida, Georgia and Michigan, with no Innovative filing in the CSG file.
Wisconsin Physicians Service also appears on Medicare.gov in many of these states. It is a different company in a different insurance group. Physicians Mutual also files Innovative in Nebraska, where we don't place business, so that state is left out of the tables above.
What We Can't Tell You
CSG carries no rate-increase filings for this company in these states. That is missing history, not a clean record. Innovative's whole value rests on the premium staying below standard Plan G for a decade or more, and nobody can show you how fast it will rise.
The rates are the price for someone who qualifies at an ordinary health class. Outside your six-month Medigap open enrollment period, the carrier can ask health questions and decline. Inside it, they cannot.
Physicians Mutual Innovative Plan G: Common Questions
Related:
Rates are carrier filed rates from CSG Actuarial, pulled September 11, 2026: individual, female, non-tobacco, no household discount, one sample ZIP per rating area, medians across areas. The deductible and its three-calendar-year term are Physicians Mutual's product design. The 2026 amount is the CMS figure for high-deductible Plan G. MedicareYourself is a private independent brokerage, not affiliated with or endorsed by Medicare, Physicians Mutual or any government agency. Questions about this data: anthony@easykindmedicare.com.