I am scheduled for my physical monday, they didnt care that i was MEB'd out. I BELIEVE that the seperation physical is for people to get everything documented for future VA claims and make sure the SM does not have any outstanding medical issues. I also believe that to keep it simple on the MTF, they will complete one even if you have been MEB'd out... either that or they dont know any better....AKA, they dont know who to give a physical too and who not too, so they give one to everyone just to ensure there butts are covered.