2020 Texas Health Insurance Open Enrollment
As a new year is just around the corner, and the holiday shopping season will be here before you know it. That means it’s time to check in with your current health insurance status and consider your health insurance options for 2020. This guide will help you determine everything you need to know about Texas Medical Insurance and which plan is best for you and your family.
When is Texas Open Enrollment for 2020?
In Texas, if you’re applying for health insurance, the 2020 Open Enrollment Period begins November 1st, 2019, and ends December 15th, 2019. This gives residents more than enough time for a free consultation with our licensed agents to help you choose the coverage perfect for your needs.
Note that, despite changes to the Affordable Healthcare Act, you can start weighing your options even before the open enrollment period. With Healthcare Market Exchange, you can discuss with a licensed insurance professional at your convenience, allowing you to make the best decision prior to the deadline. With over 200 different insurance plans available, it can be difficult to decide which plan is best for you or your family. We will compare each Texas Health Plan that is available for you or your family. Depending on your coverage needs, we will help give you free honest advice comparing the different monthly premiums within your budget to the out of pocket expenses for various doctor visits.
Enrolling in Texas Individual or Family Medical Insurance
As in the past years, buying Texas health insurance on the private market has a short open enrollment window. The minimum necessary insurance regulations are still in place, although the policies offered by insurers will be subject to some minor changes. The lowest income earners may find better coverage for basic insurance than in previous years. While this was achieved implicitly, the Individual mandate was the most critical part of the act to be repealed through a change in tax law.
Is There Still a Tax Penalty for Being Uninsured?
There will no longer be a penalty in 2019 for failing to have health insurance. There is no longer an individual mandate, so the IRS will not apply any tax penalties to citizens. However, we highly suggest all Texas residents to carry some sort of policy to avoid huge out of pocket expenses if something were to happen. For example, according to debt.org, the average cost per day in a hospital without insurance totals about $3,949! The average hospital stay costs an average of $15,734. So paying a few hundred dollars per month is well worth the peace of mind of having an accident and paying thousands of dollars out of pocket. Roughly 60% of all bankruptcies are related to medical expenses. Insurance provides you with a medical emergency financial safety net. You also have access to essential care that can be expensive if you have no insurance coverage. Even if you’re not often ill, you can get an affordable Texas health plan that will offer real benefits, like health screenings and seasonal vaccinations, you can use throughout the year.
What Care is Guaranteed as Essential Medical Cover?
If you buy ACA compliant Texas health insurance in 2020, you will be granted critical benefits. The benefits of the health insurance policy in Texas include maternity care, mental health services, drug use/rehabilitation, pediatric and preventive care (in most cases, it covers dental and vision protection).
These essential benefits provide an incentive to buy a health insurance plan even though you don’t get ill frequently. Moreover, they are particularly important if you have a child under the age of 18.
Will Insurers Still Use the “Metal Rating” System?
Many of the biggest insurers use a metal-based rating system. The plan’s quality is directly linked to the specific metal’s value. You’re possibly familiar with some of these from previous insurance plans as well as from other types of insurance coverage for your home and car.
- Platinum is the highest classified tier with a usual coverage of 90% of medical costs.
- Gold is next, offering up to 80% coverage.
- Usually, Silver plans offer up to 70% medical cost coverage.
- Bronze plans are paid at the lowest premiums, and only 60% of medical costs are covered.
The higher the coverage, the higher the premiums payable. If you get sick often or someone in your family needs regular care, it will be better to have a higher premium plan, as you will ultimately save money from the low out of pocket costs. A bronze plan could provide you with emergency coverage and essential for lower premiums if you’re on a budget and are generally quite healthy.
Will Texas Health Insurance Costs Increase in 2020?
Health insurance costs could increase by up to 10% due to changes made by the current administration. Texas will be one of the hardest-hit states in the country. Cost-sharing subsidies have ended for lower-income families, meaning that more than half a million Texans will no longer get government support for their insurance. Overall, ACA compliant plans could increase by 20.2%. The increase can be offset by purchasing a low-cost insurance plan.
Will the Popularity of Current Products Change?
Because of the increase in costs, most households will change the type of health insurance package they purchase. The versatility and independence to seek services without primary health care references have up to this time been common to have made PPO Insurance popular. HMO plans are likely to become more popular with the increasingly costly insurance schemes. Read this article to learn the differences between PPO and HMO plans. These plans provide excellent care and support through closed networks, so there is less freedom when choosing doctors. Most families and individuals will accept the compromise of convenience for low costs. The decision will ultimately depend on your medical needs and your budget.
Get the Best Advice When Signing Up For 2020 Texas Health Insurance
Healthcare Market Exchange offers 100% free help to compare all the best Texas Health Plans side by side. Over 250 licensed agents are available for your call and we guarantee the lowest legal rates. Comparing the various insurance options with a trusted expert is the only way to assure you are making the right decision. Once you are locked into a plan until Open Enrollment ends, you are stuck in that plan unless you have a qualifying event such as having a baby, getting married or moving. You’ll get the best and most affordable Texas health insurance available for your unique needs through Healthcare Market Exchange.
Call (888) 873-9003 now to speak with a Texas licensed health expert and be sure you are covered for 2020.