This open enrollment season, Texans have several choices for health insurance and healthcare coverage. Between Private Health Insurance Plans, Short Term Health Insurance Plans, MediShare Plans, Group Health Insurance, and Obamacare plans, there is no shortage of options to choose from.
Let’s break down the choices:
1. Private Health Insurance/Individual and Family Health Plans
Private issue or individual health insurance plans – Individual and Family Health Insurance – can often be the most affordable plans out there, though they do require some underwriting and may not include pre-existing conditions. A private issue health insurance plan can keep you covered for far less than an ACA plan if you and your family are in relatively good health without major pre-existing conditions like cancer, diabetes, heart disease, etc.
- These plans tend to be far less expensive than comparable Obamacare plans.
- Generally private or individual health insurance plans in Texas are PPO’s that are widely accepted by most providers and medical care specialists.
- Coverage for what you need, without extras adding to the cost.
- In particular, private issue plans often offer a discount if you pay for the entire term up-front.
- These plans require some underwriting and have some pre-existing limitations.
- Plan coverage likely won’t include things like maternity, mental health, or preventative care because they are not ACA plans (Obamacare).
2. Short Term Health Insurance in Texas
Short term health insurance plans were meant to shore up gaps in coverage, but several companies offer terms up to two years. A short term plan generally offers a PPO network with broad coverage, notably lower premiums, and in general better overall coverage, though they will have some pre-existing limitations. For a relatively healthy family, a Short Term Medical Insurance plan will likely save a lot of money and get you covered as soon as the next day after applying.
- Far more affordable than Obamacare plans.
- Far better networks on the whole, being a nationwide PPO
- Often offers discounted premiums when the term is paid in full in advance.
- Requires some underwriting, and has some pre-existing limitations.
- Are non-ACA-compliant plans.
3. Group Health Insurance in Texas
A group health insurance plan is offered by your employer. Not all employers offer group plans, but it can be a worthwhile benefit if the coverage and networks include services you want or need.
- Plans will often be less expensive than individual plans, because your employer is splitting the cost with you
- The group plan will likely only begin coverage after your deductible is met.
- You likely only have two or three plan options to choose from.
MediShare, or Christian cost-sharing plans, aren’t actually insurance, but can provide coverage for you and your family like an insurance plan. These plans are often less costly than traditional insurance as well.
Do note that there is a chance any given request might not be covered, per the terms of agreement of the cost-sharing plan. Be sure to keep this in mind when shopping for healthcare coverage options in Texas.
- Less expensive than some insurance plans while still covering costs.
- Faith-based cost-sharing, as opposed to capital-based insurance.
- Not insurance or a licensed insurance product registered in the state.
- Any given request for coverage may be denied.
5. ACA/Obamacare Plans
However, an ACA plan will likely cost significantly more, and will be on a less expansive EPO or HMO narrow restrictive network with gatekeepers, so you will want to check with your regular care doctor to ensure they are within the network. This is one of the biggest limitations of an ACA plan besides the cost.
- Easy to find with lots of plan options.
- Coverage for pre-existing conditions, maternity, and preventative care.
- Far more expensive than other options on this list.
- More restrictive networks – EPO or HMO, as opposed to nationwide PPO.
- Out of Network costs are far greater.
We’re Here to Help!
With so many choices, it might seem confusing trying to find health insurance in Texas. Let the experts at custom Health Plans navigate the maze for you and find the coverage you need. Give us a call or contact us today and request a free quote!