Health Insurance
StarNet Insurance Group, The One-Stop Solution for all of your Health Insurance Needs
Customizing the perfect health insurance plan is like learning a new language. Often, one takes baby steps and stumbles to learn the terms to customize a plan or, better yet, to select the best plan based on available options. It’s not your fault. The complexities of a health insurance policy of a personal, family, or group design often confuse a novice. However, there is no need to navigate the terrain alone. We at StarNet Insurance Group are here to simplify the process for you.
The Importance of Health Insurance
Health insurance comes at a price, both monetary and mental. In the words of Anne Wilson Schaef: “Good health is not something we can buy. However, it can be an extremely valuable savings account." Health insurance is needed to protect your financial future, so why take a chance on a poorly designed policy?
Health Insurance Explained
Health insurance is a contract between you (identified as the insured) and a company (called an insurer) authorized to sell the products in a particular state. The insurer agrees to pay for medical expenses if the insured pays a premium, which protects your financial future to the degree of affordability.
Type of Health Insurance
Health and finances play a huge role in the type of insurance policy you choose. Various products are available to address your priority, including the physicians' network, premiums, deductibles, and more. Here are some types of health insurance policies to consider:
Exclusive Provider Organizations (EPOs)
Generally, the EPO will cover the insured whose physicians and services are contracted with the plan. There is little to no flexibility with out-of-network coverage.
Health Maintenance Organizations (HMOs)
This is a network that is more restrictive when it comes to the physicians who are contracted with the policy. There are coverage-to-care restrictions. The policy primarily focuses on prevention and wellness and requires physicians to refer patients to specialists.
Preferred Provider Organizations (PPOs)
A PPO offers more flexibility. You do not need a referral to see a specialist. You just go. You can stay in-network or out-of-network, but if you choose to go outside the network, your out-of-pocket costs may be higher.
Cost versus Coverage
One of the toughest things to balance is cost versus coverage. Still, StarNet Insurance Group aims to identify the affordability of a monthly premium with the maximum amount of coverage. We will explain each option's pros and cons and make a recommendation, but you will have the final say. You may not want to go with the least expensive plan because it can cost you a fortune if a medical emergency arises. Also, a high-end policy may offer you benefits that may never be used, but making an informed decision is imperative.
Terminology to Know
Deductible: The amount that must be paid on a policy before the insurer pays out expenses on your behalf.
Coinsurance: This is an out-of-pocket amount to be paid once the deductible is paid in full.
Network: The contracted physicians and services that have agreed to terms and fees by the insurance company; it is wise to confirm that your physicians and services are in the network.
Flexibility: Your priority may be flexibility, so consider a plan that allows for out-of-network options. We at StarNet Insurance Group will explain this in more detail if needed.
To optimize your coverage, we recommend that you always keep your contact information updated, learn how to use your plan benefits and maximize your proactive health management. Supplements such as dental, vision, and cancer protection are available upon request.
With the right guidance from StarNet Insurance Group, we can streamline your health coverage options, protect you from the chances of financial calamities, and allow you to rest with peace of mind. We are here for you, so call us today!