Texas Health Insurance Frequently Asked Questions
Are There Additional Coverage Plans I Should Consider?
Short Term Health Insurance: Short Term Health Plans are designed to bridge gaps in coverage or provide an affordable healthcare solution. For example, if a person will have coverage from an employer or college in a few months, they can purchase coverage for the interim period. Because Open Enrollment is currently closed, Short Term Health is ideal for those who do not have a Qualifying Life Event. Medicare Supplemental Coverage: Those eligible for Medicare need to be aware that it does not cover all expenses. As a result, many choose to buy a Medicare Supplemental health insurance policy to meet their health care needs.
Are there health insurance plans that I can afford?
Yes, the marketplace has expanded and most health insurance companies offer plans to suit a variety of personal healthcare needs and budgets. In addition, there are government subsidies and tax credits available based on income to help make coverage more affordable for everyone.
Are there several companies offering Texas online health insurance quote?
Yes, there are many websites for online quotes. In fact, you will get the most varied and comprehensive range of health insurance offers online. Some of the most highly regarded Texas health insurance brokers can give you multiple quotes from several different insurers.
Are there things like health savings accounts for seniors enrolled in Medicare?
Yes, there are new types of consumer-directed Medicare Advantage Plans, usually referred to as Medicare medical savings account plans. Medicare MSA Plans feature a high-deductible health insurance plan combined with a special savings account that you can use to pay for and control your own health care costs, much like the health savings account plans available outside of Medicare. There are two parts to Medicare MSA plans: High-deductible health insurance plan: This is a special type of high-deductible Medicare Advantage health plan that begins to cover costs after an annual deductible is met. Medical Savings Account (MSA): This is a special tax-advantaged savings account that allows you to use the money to pay for health care expenses until the deductible is met.
Can an employer contribute to a health savings account, too?
Yes, but the total of the employer's and the employee's contributions to the Health Savings Account must be within the limits.
Can anyone open a health savings account (HSA)?
Someone has to be enrolled in a High-Deductible Health Insurance Plan (HDHP) to open an HSA. The idea is to use the tax-free HSA dollars to pay for any health care costs incurred until the deductible is satisfied.
Can I cancel Short Term Health Insurance at any time?
Yes, you can cancel your Short Term Health coverage at any time. For example, you have secured a long term plan. Some carriers will reimburse you for your unused premium to the day.
Can I get a health insurance quote online?
Yes, many websites offer online quotes. You can use our free insurance quoting tool to find a quote right now, or contact us to get a variety of quotes and better understand your health insurance options.
Can I get Dallas health insurance from any company online?
The insurer that you get from should be licensed in your state to provide health insurance. Not all online companies service all states - but most quote generators ask you for your state of residence to make sure you are covered. You can check on their website which states they are licensed to do business in or you can fill out a quote form.
Can I pay monthly or must I pay for the coverage upfront?
Most carriers will allow for premiums to be paid monthly, however some carriers will provide a premium savings if you are able to pay for the entire policy upfront. Short Term Health insurance is an affordable solution with an accommodating payment plan.
Can I purchase Texas health insurance for less if I deal directly with an insurance company?
No. Health Insurance charges are strictly regulated by the state. Texas health insurance will cost the same whether you use an independent health insurance agent or communicate directly with an insurance company of your choice.
Can I renew Short Term Health Insurance coverage?
Some carriers will allow you to renew your plan whereas others may require a new application. You can also transition to a long term insurance policy if needed. We can help you identify a health care strategy that ensures you have the coverage you need, when you need it.
Can money from a health savings account be used for nonmedical expenses?
Yes, but taxes must then be paid on the money. In addition, if the money is used before age 65 for non-medical expenses, there is an additional 20 percent tax penalty.
Can my Dallas health insurance premiums help me on my income tax return?
If you are self-employed you can deduct your Dallas health insurance premiums. However, if you work for a company who provides health insurance, you can't deduct the premium, or part of your premium, that your employer pays. You can, however, deduct the part of the premium that you contribute.
Can pre-tax money be used to fund a health savings account?
If an employer offers a high-deductible insurance plan, the employee may have all money deposited into an HSA on a pretax basis. Otherwise, the HSA deposits must be paid out of pocket and then deducted on income taxes.
Can someone enroll in a Medicare Advantage plan at any time?
No. Medicare Advantage plans have specific enrollment and disenrollment periods when you can switch in and out of Medicare Advantage. If you do disenroll from a Medicare Advantage plan, you can enroll in a Part D prescription drug plan at that time, too.
Can someone keep contributing to the account after age 65?
The money in an HSA can be used at any age, but contributions to the HSA must stop once someone enrolls in Medicare (either Part A or Part B).
Can the HSA be used to pay for my health insurance plan?
The HSA can generally not be used to be the premiums for the HDHP. The only insurance premiums the money can go towards are:
- COBRA payments,
- Medicare premiums,
- Insurance premiums for someone over age 65, and
- Long-term care insurance.
Can you be on Medicare if you or your spouse is still working?
Yes. If you are covered by an employer's health plan, it will be the primary coverage. It will pay first, with Medicare paying second.
Did the Affordable Care Act (Obamacare) change HSAs?
The Affordable Care Act increased the tax penalty for withdrawal from an HSA for nonmedical expenses to 20 percent and prohibited tax-free withdrawals for nonprescription drugs (except insulin).
Do All Small Businesses Have to Purchase Group Health Insurance, or Pay a Penalty?
Under the ACA's small-business provisions, companies with 50 full-time employees or less do not have to pay a penalty for not offering group health insurance. The most important fact to remember about the 50-employee threshold is that the ACA defines what constitutes a full-time employee differently than you may assume. The ACA considers a 30-hour work week full-time - not a 40-hour work week, as you might assume. Also, the ACA consolidates the hours of part-time workers into "full-time equivalent employees." So if your company is close to the 50-employee threshold, you should consult with an insurance specialist to make sure you comply with the ACA.
Do Defined-Contribution Health Plans Meet the ACA Minimum Coverage Requirement?
No. Defined-contribution health plans do not meet the minimum standards for health insurance policies set by the ACA. However, defined-contribution plans are an integral part of how many small businesses can - or will be able to - afford to offer health benefits to their employees. Your company uses the fixed contribution amount to help your employees purchase their own insurance on the private market, or through the federal health insurance marketplace. The idea is to help your employees afford health insurance and manage your company's health insurance costs. In some cases, defined-contribution insurance plans are simply a win-win situation for both employers and employees.
Do New Health Insurance Marketplaces Reform Health Care?
In essence, the ACA is all about health insurance reform - not health care reform per se - though changing the way people buy health insurance will have marked impacts on health care delivery in the US. By attempting to expand access to health insurance, the ACA's overall goal is to improve health care in the US, but the ACA does not force changes to the way you and your doctor manage your health. This distinction is important to keep in mind.
Do Short Term Health Plans cover pre-existing conditions?
This depends upon the type of policy purchased. We can help you find an affordable Short Term Health Plan that meets your specific medical needs.
Do the tax benefits phase out at certain income levels?
Unlike some retirement savings accounts, there are no income limits on Health Savings Account participation. Anyone can open an HSA if they have a qualified high-deductible medical policy and are not enrolled in Medicare.