How is Healthsource NW different from an Insurance Company?

Health Source NW is independent agency representing many different insurance companies.

Why use an Independent Agency?

As an Independent Agency, we are not tied to representing one insurance carrier. We shop the market to find plans to meet your insurance needs for the best price.

How is Health Source NW compensated?

We are compensated directly from the insurance carrier through commissions. Agent commissions are built into all insurance premiums before they are filed with the State's Insurance Division. What this means to you is that you will pay the same premium whether you go through an independent agency, directly to the insurance carrier or purchase on-line. The benefit to you is the personalized customer service you will receive from our trusted advisors, not just at time of sale but on a go forward basis as long as you own the policy.

Individual & Family Health Plans

Individual health insurance is, quite simply, coverage that an individual purchases for himself and/or his family. These insurance policies and provisions are regulated by the state where the policy is purchased. Individual insurance is very different than group health insurance, which is the type of insurance offered through an employer.

Obtaining Individual Health insurance no longer requires medical underwriting and no longer has pre-existing exclusions. Generally, individuals and families will need to shop for and/or change their health plan annually during the “Open Enrollment Period”.

Open Enrollment for 2016 Health Plans is scheduled for November 1st through January 31st.

If an individual or family experiences a “Life Changing Event”, they may be eligible to enroll in a plan outside of the Open Enrollment time period. Some examples of a Life Changing event would be loss of employer group coverage, expiration of COBRA benefits, Marriage, Divorce, Birth or Adoption of a child and change of residence state.

There are more details to look at when shopping for and individual health plan other than just the monthly premium. Researching the Insurance Carrier’s network, formulary, customer service and OUT of Network penalties is very important when making a decision on the right plan for you and your family.

Group Health Insurance

What is employer group health insurance coverage?

Group health insurance coverage is a policy that is purchased by an employer and is offered to eligible employees of the company (and often to the employees' family members) as a benefit of working for that company. A group health insurance plan is a key component of many employee benefits packages that employers provide for employees. The majority of Americans have group health insurance coverage through their employer or the employer of a family member. One of the advantages for employees in a group health plan is the contribution most employers make toward the cost of the health coverage premium – in many cases, employers pay one-half or more of the monthly premium for an employee. Another advantage is that most employers have established Premium Only Plans (often called POP plans) that allow employees to pay any employee-required contributions to premiums on a pre-tax basis. Between the employer contributions, which aren’t taxable for employees, and the POP plan, employer-provided health insurance is significantly subsidized due to these tax breaks.

10 Essential Benefits

The Affordable Care Act requires that all plans cover essential health benefits for individual and family plans and small group plans.

All of our plans offer these required essential health benefits:

  • Outpatient services
  • Emergency services
  • Hospitalization
  • Maternity and newborn care
  • Mental health and substance use disorder, including behavioral health treatment
  • Prescription drugs
  • Rehabilitative and habilitative services and devices
  • Laboratory services
  • Preventive and wellness services and chronic disease management
  • Pediatric vision

Some of these benefits, like preventive services, will be paid at 100 percent with no copay. You pay for the other benefits after you meet the applicable copay, deductible or coinsurance, based up on the plan design.

Why should I consider buying life insurance?

Buying life insurance protects your loved ones from income loss and financial catastrophe. In the event of death, your life insurance policy can serve as replacement for lost income so that your family does not endure financial hardship. A life insurance policy can also pay for final expenses such as burial costs, estate planning, attorney fees, debts, and medical expenses. The decision to purchase life insurance gives loved ones the peace of mind that these financial burdens do not become lasting monetary hardship.

Should we buy life insurance for both spouses even if one of them is a "stay-at-home parent"?

Yes. If the "stay-at-home" spouse is not insured and the breadwinner passes away, the "stay-at-home" spouse would generally need to return to the workplace and this may increase costs for day care or other needs. Given the relatively affordable cost for life insurance, we recommend having life insurance on both adults.

I already have health insurance, why do I need disability insurance?

Major medical insurance pays your doctor and hospital bills, disability insurance replaces your income in the event you are sick or hurt and cannot work. Remember, your most valuable asset is your ability to earn income. Protect it.

Won't Social Security pay me if I am disabled?

You may be eligible for Social Security Disability benefits but benefits are very limited, very difficult to qualify for, and may not be enough to pay all of your bills and living expenses.

I have savings that I could use if I could not work, why do I need disability insurance?

A disability could last for months or even years. What took years to save could be wiped out in just a few months with a disability.

What is a Medicare Supplement plan and how do I choose which plan is right for me?

Medicare Supplements also referred to as Medi Gap plans, are private insurance plans that help fill all or some of the gaps in coverage from Medicare A & B. Our advisors can review the differences among plans A through N to help you decide which plan would best meet your needs.

What is a Medicare Advantage Plan and how does it differ from a Medicare Supplement plan?

Medicare Advantage Plans, also known as Medicare Part C, are health plans offered by private companies approved by Medicare. If you join a Medicare Advantage Plan, the plan provides all of your Part A (Hospital Insurance) and Part B (Medical Insurance) coverage. Much like Individual health plans, Medicare Advantage plans will differ in many ways such as Network size, customer service and additionnal benefits that original Medicare does not offer.

What is Medicare Part D?

Medicare Part D is prescription drug coverage for Medicare Beneficiaries. There are two ways to purchase prescription coverage, as a stand alone Rx plan or embedded in a Medicare Advantage plan. Our advisors will help you review your options and find the plan that best covers your current prescription list.