Texas Health Insurance Frequently Asked Questions

The subsidy reduces how much qualifying individuals must pay in health insurance premiums. To be eligible for a subsidy, your household income cannot exceed 400 percent of the federal poverty level. If you qualify and enroll in a subsidy-eligible health plan, the government pays its portion of your premium directly to the insurance company. The exact amount of your subsidy depends on where your income falls below the federal poverty level, and also on the cost of the benchmark health plan in your area. If you wish to buy individual health insurance, you can get started with a quote using our quote engine below. Alternatively, you can contact us today to get expert advice about a plan that is right for you.

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.

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).

Similar to a 401(k), an HSA belongs to the account holder even after employment ends.

Both accounts are tax-advantaged, but an HSA is more "flexible." The money in an HSA is the employee's and is still available after changing jobs or retiring. It can rollover from year to year and does not have the use-it-or-lose-it requirement that an FSA has.

The annual contribution limit for FSAs is $2,500, which is for an individual or family. The limits for an HSA are higher. So if offered a choice between an HSA and an FSA, it may make sense to switch to the HSA. Even if the health plan would have a higher deductible with the HSA, more pretax money can be set aside, the premium will undoubtedly be less and, if not used, the account can roll over into future years.

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.

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.

To get the best affordable individual health insurance plans, it is a good idea to gather about five quotes from different insurance companies or different coverage levels to make sure that you are getting the best price for your needs.  The extra time is worth it, Health insurance, like buying a house or a car, is not a purchase to take lightly. How much money can be deposited into a health savings account plan annually? The Internal Revenue Service sets the contribution limits for HSAs. In 2014, the maximum contribution is $3,300 a year for individual coverage or $6,550 for family coverage. People age 55 and older can save an additional $1,000 per year.

Starting in 2014, an insurance company cannot charge higher rates to individuals who are the same age based on their gender or health status. So you cannot be declined or pay more if you have a health condition. Pricing depends largely on age, family size and geographic location.

A Texas health insurance individual plan is purchased by you directly from the insurance company. Whereas, with a group health insurance plan, the group is insured and the insurance company contracts within the group. Insurance credentials, issued to a participating member, act as your policy. Often group health insurance costs less than if the insurance company sold individual policies to all members separately. In addition, group health insurance sometimes holds special coverage's that are not obtainable (or are very costly) on an individual basis. The purchasing power of the group makes this reasonably feasible.

No. An independent Texas health insurance agent is paid a commission by the health insurance company. No extra fees should be added to your health insurance cost.

You should gather at least five quotes from different companies to make sure that you are getting the best price. You just want to take a little extra time and do some due diligence to make sure that you are getting the best plan. The cheapest plan is not always the best plan. What is important is finding the right balance between coverage and cost and this cannot be done by looking at just one quote. Plus, getting extra quotes ensures you are not getting scammed or ripped-off by one company.

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.

The first rule for shopping for online Dallas health insurance is to level the playing field by making sure that you are comparing policies with corresponding levels of coverage. Make sure that you will be able to go to a physician you like, and that any particular health needs you may have will be covered, like chiropractic, homeopathic physicians, physical therapy, eye sight, dental, etc.  If you have a limited budget but substantial needs, it might be helpful to prioritize your most important health services in the form of a list. For instance, maybe you have a disease of the eyes and eye care is substantially more important for than for someone else. Maybe you take a lot of prescription medication or require frequent x-rays for an old injury.  Maybe a health savings account is especially important to you. Once you can identify what is most crucial for your health needs then you can better evaluate the policies offered online.

Purchasing Texas small business health insurance is a complex process and requires substantial knowledge of many issues. Online stores are generally automated to handle huge numbers of transactions, and therefore will try to simplify the choice for you, which may be very helpful. On the other hand, especially if this is your first time purchasing Texas health insurance, online stores may make you feel more like a number than like a client. This is especially true if you have unique medical needs, substantial preexisting conditions, or a complicated medical history. If this is the case, see if the website has a phone number and try calling it. Ask the operator your questions and only purchase from them if you are pleased with their service.

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.

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.

The subsidy reduces how much qualifying individuals must pay in health insurance premiums. To be eligible for a subsidy, your household income cannot exceed 400 percent of the federal poverty level. If you qualify and enroll in a subsidy-eligible health plan, the government pays its portion of your premium directly to the insurance company. The exact amount of your subsidy depends on where your income falls below the federal poverty level, and also on the cost of the benchmark health plan in your area. If you wish to buy individual health insurance, you can get started with a quote using our quote engine below. Alternatively, you can contact us today to get expert advice about a plan that is right for you.

Yes, a tobacco user can be charge up to 50 percent more than a non-tobacco user.

A Health Savings Account is like a regular savings account except that it allows you to save pre-tax income for health related purposes only. In order to qualify for a health savings account, you must already be covered under a high-deductible plan that will cover your medical costs if they are very expensive and you cannot pay them (ie. if you are involved in a traumatic accident and require a costly hospital stay. A high-deductible plan is used mainly for these type of catastrophic accidents as it does not cover the first few thousand dollars of medical expenses). A health savings account is beneficial as it allows the consumer to be in control of their own money and choose how to spend it, as opposed to letting the insurance company decide how to spend it.

No, you must be covered under high-deductible insurance to be eligible for a health savings account.

Yes, as long as you are covered under a high-deductible insurance policy you are allowed to start a health savings account, even if the money is not "income," per se. You can use personal savings or investment dividends to contribute to your health savings account instead.

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.

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.

Yes, but the total of the employer's and the employee's contributions to the Health Savings Account must be within the limits.

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.

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.

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.

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.

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.

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.

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.

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.

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).

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.

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.

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.

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.

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.