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Low Cost Texas Health Insurance

Finding low cost Texas health insurance doesn’t need to be a time consuming chore. Whether you are self employed, working for a company with benefits, or employed for a company that does not offer health care benefits there are ways to lower your monthly premium and still maintain comprehensive health care coverage. Save some money on your health insurance outlays by following this quick, down and dirty guide to finding low cost TX health insurance.

1. Get an annual health insurance checkup – This is the easiest way to save money and you might not even be aware of this simple idea. Here is how this idea works: most insurance companies will let you lock in TX individual rates for 12 months and then after those 12 months you will get a letter from the insurance company with the rate that you can lock in for the next 12 months. This rate will of course be higher in almost all cases just due to inflation, rising medical costs, the claims experience of the insurance company and a host of other factors.

You may be able to save money if after receiving this notice (you now know what rate you are able to lock in when you hit the 12 month milestone of your current plan) you now compare this new rate with the rates that other top companies are offering you. Many times you can find a similar plan from a different insurance company that is more affordable. Insurance rates are changing all of the time so be sure to shop around at least on an annual basis.

(Warning: Don’t shop on price alone as you will of course want to choose a well-known and reputable Texas insurance company and not just a “fly-by-night” company that you have never heard of or even worse a discount plan [which is NOT real health insurance]).

2. Choose a plan with a high deductible – There is an inverse relationship between your deductible and your monthly premium. That is; the higher your deductible is the lower your premium will be – everything else being equal. You may want to investigate a Health Saving’s Account (HSA) as well as these are high deductible health plans that will allow for some significant tax benefits along with affordable premiums when utilized properly. Even if you do not have an HSA or do not want an HSA the principle of increasing your deductible to lower your monthly premiums still holds true.

3. Compare individual health to group health – Texas individual health rates are approximately one half the cost of a comparable Texas group health plan. This is due to the fact that on the individual side the insurance company will scrutinize your health history and you have to be fairly healthy to be approved (no pre-existing conditions) while on the group health side even very unhealthy individuals can obtain coverage.

This little tip can make all of the difference in the world if you are receiving group health coverage through an employer that is paying for most of your health benefits but will not cover the portion of the premium that is for your spouse or children. If your spouse and children are healthy then why not take them off of the group health plan and obtain coverage for them under an individual plan?

In many cases you will save quite a bit in net monthly premiums and also you probably will be able to find individual coverage from the same company that is offering you group coverage (if keeping the family with the same insurance company is important for convenience reasons).

(Hint: Most individual insurance plans in TX do not offer maternity coverage standard as is the case in most group insurance plans so if that is an issue for you be sure and check the plan benefits closely before making a decision).

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