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Standard Life Select STM Short Term Health Insurance Review

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Standard Life & Accident Insurance Company, also known as Standard Life, is a company that offers health insurance and life insurance products. The company was founded in 1976, and is based in Galveston, Texas. Standard Life & Accident Insurance Company operates as a subsidiary of American National Insurance Company, a major American insurance corporation operating in the US and Puerto Rico.
 
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How Do We Rate Standard Life?

Breakdown

4.6/5
Plan Features
4.8/5
Cost
4.5/5
Customer Experience and Financial Reputation

Our Overall Rating: 4.6 / 5 (Excellent)

Standard Life Select STM plans are a great choice for those looking for short-term plans that offer both quality and affordability. Standard Life offers two types of plans: Standard Life Select STM Plan 2 and Standard Life Select STM Plan 3. Both plans offer a variety of services, including hospital services, urgent care, prescription coverage, labs and x-rays, and diagnostic services, among others. Unlike other companies reviewed by us, Standard Life’s short-term plans offer chiropractic coverage, except for spinal manipulation or adjustment, and limited mental health coverage with a copay, which is a big plus. Standard Life Select STM plans don’t offer maternity coverage, or coverage for pre-existing conditions, which is the standard among most short-term plans.

Standard Life allows its members to visit any provider of their choice, which is highly convenient, although, it should be noted that out-of-network visits will have a coinsurance of 20%, instead of 30%. The company offers online account management and bill pay, and consumers may fill out an online application free of charge. Additionally, the company offers customer support through email, and over the phone, Monday through Friday, 8:00 a.m. to 4:30 p.m. CST. All things considered, Standard Life Select STM plans are an ideal choice to consider when looking for short-term plans that offer a variety of services at a competitive price.

Standard Life Key Plan Features

Plan Features - 4.6 / 5

Standard Life Select STM offers consumers two plans to choose from: Plan 2 and Plan 3. Plan 3 has higher monthly fees than Plan 2, but offers a higher maximum limit per coverage period and lower deductible fees, plus 100% coinsurance, once the maximum out of pocket is reached. Both plans offer unlimited doctor office visits and urgent care visits with a copay, and one wellness exam per period. The company also provides coverage for inpatient non-formulary, generic, and brand prescription drugs, and discount cards for outpatient prescription drugs, labs and X-rays, hospitalization, outpatient surgery, ambulance services, and emergency room, among other things. Additionally, Standard Life Select STM plans offer chiropractic coverage, except for spinal manipulation or adjustment, and limited mental health coverage, both inpatient and outpatient.

Standard Life Select STM plans are available for adults between 18 and 64 years old, and their dependent, unmarried children under the age of 26, who answer “no” to all the questions in the application for insurance. Child-only coverage is also available for ages 0 to 25. Consumers can get a quote online and fill out an application free of charge. Additionally, members can manage their accounts online through the company’s portal.
Coverage
Routine Doctor Visits
Labs
X-Rays
Diagnostic Services
Hospital
ER
Ambulance
Urgent Care Facility
Prescription Coverage
Mental Health Care
Term Range
30-day minimum, 3-month maximum.
Waiting Period
3 days for illnesses.
Mobile App
No
Online Account Management
Yes
Cancelation Policy
Standard Life will reimburse the total cost of the plan, if the benefits have not been used, and the consumer returns the certificate within 10 days of receipt. Additionally, consumers can send a letter to cancel the policy anytime.<br /><br />The company can terminate coverage immediately if premiums are not received, after the insured's death, or if fraud is committed.
Prescription Coverage
Standard Life offers non-formulary, generic and brand prescription drug coverage. The company provides inpatient prescription drug coverage through coinsurance plus deductible, and a discount card is provided for outpatient prescription drugs.
Pre-Existing Conditions Fine Print
Standard Life won't cover expenses for the first 12 months resulting directly or indirectly from a condition for which a person received medical treatment, diagnosis, care, or advice within the 60-month period immediately preceding that person's Certificate Effective Date. This does not apply to newborns or newly adopted children added to the coverage. For more details, we encourage consumers to review the company's policy regarding pre-existing conditions before purchase.

Standard Life Plan Cost

Cost - 4.8 / 5

Standard Life Select STM plans don’t have an application fee, and monthly fees vary depending on several factors such as the individual’s location, age, and family members added to the plan. Plans have a lifetime maximum ranging between $250,000 and $1,000,000 depending on the selected plan. Deductibles also vary from one plan to another, ranging between $250 all the way to $10,000. Customers must pay coinsurance of 20%-30% depending on the network. Standard Life Select STM Plan 2 has an out of pocket maximum of $16,000, while Plan 3 has an $8,000 out of pocket maximum. Additionally, the company’s plans offer unlimited doctor office visits and urgent care visits with a copay. Standard Life also offers a limited copay for mental health services, which varies depending on the type of care (inpatient or outpatient).
Deductible Frequency
Per Cause
Per Term
Deductible
$250
$500
$1,000
$2,500
$5,000
$7,500
$10,000
Coinsurance
20%
30%
Coinsurance Out of Pocket Max
$16,000
Application Fee
$0
Lifetime Maximum
$250,000 or $1,000,000 based on the selected plan.
Per Day Maximum
Unlimited, except for doctor office visits, physical therapy, extended care facility, Home Health Care Benefit, and mental health coverage.
Copays
Copays are available for doctor office consultations raging between $50 and $2,000, depending on the selected plan.
Out of Network Fee
20% or less of coinsurance coverage.

Customer Experience and Financial Reputation - 4.5 / 5

Standard Life & Accident Insurance Company has been rated A, A-, and A-, by AM Best, S&P, and BBB, respectively, which translates into a positive and stable financial outlook. The company’s underwriter, American National Insurance Company, had a 0.79 NAIC complaint ratio in 2017, with a total of 30 complaints, which is relatively low for a company of its size. Standard Life & Accident Insurance Company offers customer support via email, and over the phone, Monday through Friday, 8:00 a.m. to 4:30 p.m. CST.
Year Founded
1976
Company Type
Subsidiary/ Partner
Underwriter
American National Insurance Co.
Standard & Poor's Financial Rating
A-
AM Best Financial Rating
A
BBB Rating
A-
NAIC Complaint Ratio 2017
0.79
NAIC Total Complaints 2017
30
Date Collected
2018-10-25

Company Profile

Full Name
Standard Life Select STM Short Term Health Insurance
Company Website
https://slaico.americannational.com
Headquarters
1 Moody Plaza, Galveston, TX, 77550

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Top Rated
Our Partner
  • Get Coverage as soon as Tomorrow!
  • Short term coverage is ideal if you missed enrollment, can't afford traditional insurance, are between jobs, just graduated or retired early.
  • Covers: ER & hospitals coverage, Doctors, Labs, Urgent Care & More
  • Visit any doctor in their nationwide network; no referral required
  • No long term commitment. Budget Friendly.
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