While the majority of Texas health insurance policies are issued through and subsidized by employers as part of an employee’s health benefits, people who have lost their jobs, decided to work for themselves or have jobs that don’t offer insurance often opt for individual Texas health insurance plans to ensure they’re covered.
There are some advantages to purchasing your own health insurance; for instance, you can scale back coverage to your essential needs to save money on your monthly premiums. And you often have more options in choosing your health care policy than when you were receiving employer-provided benefits.
Individuals purchasing health insurance can choose between indemnity plans (also known as fee-for-service plans), preferred provider organizations (PPOs), health maintenance organizations (HMOs), point-of-service (POS) plans and even health savings accounts (HSAs). This freedom to choose between various health insurance plans available in a variety of cost structures can result in finding the best plan that’s most tailored to your specific needs.
Another option to consider if you have lost your job and want to continue your current health coverage is COBRA, which grants individuals meeting certain criteria the ability to continue the health insurance policy from their prior job, generally for up to 18 months. Coverage for COBRA participants is usually more expensive than health coverage for active employees, however, since COBRA participants generally pay the entire premium themselves. But through a government subsidy included in the February 2009 stimulus bill and amended in a December 2009 appropriations act, the government may cover up to 65 percent of COBRA’s costs for up to fifteen months, making it much more affordable for individuals.
Paying for individual health insurance may seem like an unnecessary cost to some, but since emergency medical care, unexpected operations and hospital stays are so expensive, maintaining health insurance while unemployed or self-employed can save you thousands of dollars in the long run. To find the best Texas health insurance plans and rates for you, try using a qualified Texas health insurance broker to match an insurance plan with your needs and budget.
