There are plenty of people willing to pay a lot for the peace of mind that comes with having health insurance. But, if you’re like most people, you can’t afford the high premiums that go along with it.
Have you ever found yourself in a situation where you needed to find affordable health insurance, but you didn’t know where to start? Maybe you’ve recently graduated college and just started your career, or perhaps you’re a recent college grad and looking for coverage right away. Whatever the case may be, this guide will help you navigate the process of finding cheap health insurance in Texas.
Texas is the second-largest health insurance market in the U.S., and it has more uninsured residents than any other state. That makes Texas a prime target for any health insurer looking to expand into new markets.
Many people think they need health insurance because of potential medical costs that can run into the tens of thousands of dollars. That is a genuine concern and why many people need health insurance, but it is only one of several concerns that must be addressed. The other two are:
- How much does health insurance cost? And
- What kind of health insurance do I need?
These questions must be addressed before deciding whether or not to purchase health insurance. So let’s take a look at each of these in detail.
One of the most important things to consider when choosing to purchase health insurance is the cost of your coverage. Most health insurance policies provide varying levels of coverage. You need to understand that there are three main costs associated with health insurance.
- The first is the premium. This is a monthly or yearly fee that you pay for your policy.
- The second is the deductible. The deductible is the amount of money paid out-of-pocket before your insurance starts paying.
- The third is the maximum amount your insurance company will pay for your medical expenses.
The lower the deductible, the higher your maximum payment. The total price is usually a percentage of your yearly premium. It is also important to note that you may be required to pay the difference out-of-pocket if you go over your maximum limit. The next thing to consider is the type of coverage you need.
Compare Prices in Your Area
Price-conscious people are more than three times likelier to purchase cheap health insurance. Here are some ways to compare prices:
- Ask your broker for a list of the cheapest policies he can find.
- Check out several online brokers like InsWeb (www.insweb.com).
- Look at the lowest-cost plan in each of your parent’s policy booklet.
- -If you qualify for a tax credit, the cheapest plan available to you is probably going to be the one that offers you the most savings.
Contact Local Agents Directly
You can also try contacting local agents directly. If you are located in or near a specific city, it’s easy to find local agents who can provide you with advice and answer your questions about health insurance. Many agents will even tell you which policies best suit your needs and how to pay for them.
Another idea is to go on the internet and look for yourself. For example, type in “health insurance agents near me” into the search engine. You should get an extensive list of sites that give you the contact details of local agents. Then, you can call them directly and ask them questions.
Beware of Hidden Costs
The health insurance market in Texas is so fragmented and confusing that a Texas customer could quickly end up paying more than they need to, simply because they don’t understand the options available to them. To help customers find the best price, a group of researchers at the University of California-Berkeley created a web tool called I-HEALTH, which helps people evaluate their insurance options by summarizing their benefits and costs in a single easy-to-read document.
Shop Around for the Best Deal in Cheap Health Insurance in Texas
If you’re looking for cheap health insurance in Texas, shop around until you find the best deal. Then, use a comparison website to find the lowest price on your health insurance policy. You can use these sites to compare rates from dozens of carriers at once. While some of these websites are free, others charge a fee to get the cheapest rate for your insurance policy. To compare rates and select the carrier that will offer you the best value.
Don't Wait Until You Need Medical Care.
This is one of those times when being prepared is the solution. Did you know that no law requires you to have medical insurance? Yes, Virginia, there is such a thing as “civil disobedience” in the great state of Texas! But that doesn’t mean you don’t need to be prepared if you get sick or injured and need medical care.
There are many situations in which being prepared can save your life. And, the earlier you are ready, the less you will pay. That’s why it’s essential to make sure you and your family are covered.
Consider an HSA-type Plan
Many employers offer “HSA” type plans as an alternative to traditional insurance. These are high-deductible plans where the employee pays all health care costs not covered by the insurance up to a certain amount each year. This encourages the employee to seek care early rather than wait until after a medical emergency. The downside of this plan is that it is expensive. However, it may be cheaper for you if you qualify than what you have now.
The second example shows how you can add a little fun to your otherwise-serious writing. An HSA-type plan is a low-cost, high-deductible health insurance plan. It shifts the financial burden of paying for one’s medical care from the hospital, doctor, or another medical provider to the patient. This forces patients to pay for their medical care sooner rather than later, which hopefully helps them avoid more expensive care down the road.
It’s not that hard to find cheap health insurance in Texas. Just take a look around, and you’ll probably find a company that fits the needs of your family. There are over 100 companies that offer cheap health insurance in Texas. But, first, you have to know where to look.