The word of how Start benefits you is getting out and Start’s unique, alternative approach to health insurance is building momentum.
We’ve emphasized that Start is “non-insurance” insurance because the model is so innovative and eliminates many of the setbacks associated with traditional insurance. That being said, switching to a Start plan won’t require you to learn totally new jargon. Like traditional insurance, your Start plan includes a deductible and premiums (albeit much lower than the industry standard).
Unique Formula
Each medical service covered by Start is associated with a set reimbursable amount known as the “Start Reimbursable Rate.” Using the search tool in the Start app, you can find local providers that offer the procedure you’re looking for. You’ll know the Start Reimbursable Rate in advance. For example, maybe the reimbursable rate for a procedure is $650 and you find three separate, high-quality providers that offer the procedure for $650, $950, and $1500. Knowing that Start offers a $650 reimbursement rate, you could choose your provider accordingly. This allows you to avoid overpaying for healthcare. Your plan can also be paired with an HSA to maximize your savings. In fact, Start is the only HSA compatible healthcare reimbursement model.
Now, the big question: If Start is a reimbursement model, where do deductibles and premiums come into play?
Here’s How Start Deductibles and Premiums Work
- Start applies 100% of the reimbursable amount to your deductible until it is met.
- Once your deductible is met, 100% of the reimbursable amount is credited to you in full.
- You will pay a low monthly premium to access Start’s excellent coverage.
Maximum Savings
The Start model has been carefully curated to help members achieve maximum savings.
The deductible allows Start members to qualify for HSAs. HSAs have become increasingly popular since their introduction in 2003 for all the right reasons. They allow a triple-tax advantage: tax free contributions, growth, and withdrawals for qualified medical expenses. They are completely transferable from one employer to the next (or no employer at all), and their funds roll over from year to year. Their funds can even be invested, tax-free! Above all, HSA funds can supplement retirement after the age of 65. Their tax benefits can help you build quite a nest egg by then.
Start’s premiums enable us to provide excellent coverage. Start members are not tied down by networks. And, Start members can research provider pricing before receiving a procedure and go in knowing exactly how much they will be reimbursed. The healthcare system has been overly complex and not exactly price transparent for too long, and Start is placing control back where it belongs—in the hands of consumers. Check out our FAQ page for answers to common questions about Start!
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