Get More Benefits &
Save More! Call For
More Info Today

Best Cheap Health Insurance in Texas 2020

Persons looking for the best health insurance options in Texas can find cheap, subsidized Texas health insurance exchange policies. Presently, eight companies provide plans on the exchanges, even though not all companies provide plans in every county.

For the 2020 plan year, the average monthly cost of a private health plan for a 40-year-old in Texas is down to $508. This is a drop of 14% or $85 from 2018.

The average consumer will perhaps want to begin shopping by looking at the Blue Advantage Silver HMO 205. The coverage is the cheapest Silver option sold by Blue Cross Blue Shield (BCBS), which operates in each Texas county, and the Silver plan qualifies for additional subsidies for low-income families. Nevertheless, if you have access to the Ambetter Balanced Care 5, then that would be a cheaper Silver plan option.

Finding Your Best Health Insurance Plans in Texas

Finding out which health plan is the best for you and your family will depend on a number of factors. The key factors to consider are your expected health care expenses in a given year, your household income, and the savings you have in emergencies.

Gold Plans are Best for High Expected Expenses

Customers with higher expected medical care needs, particularly those who have routine prescription needs, should tailor their higher coverage choices. This can comprise the Gold-tiered plans, which come with a higher premium but also lower your out-of-pocket expenses should you need medical care.

Gold health insurance plans will have much lower copays, coinsurance, and deductibles, meaning every additional visit to a provider will be cheaper than a lower-tier plan.

It is especially significant to consider the copays and coinsurance for prescription medication, as this is usually the one area of plan benefits that has the highest routine use.

Silver Plans are Best for the Average or Low-Income Shopper

Silver health plans are a good middle ground for most shoppers because they balance out-of-pocket costs and monthly premium payments. Silver plans also have a huge benefit for low-income families.

A Silver policy is almost always the best choice for households with incomes less than 250% of the federal poverty level. These will offer lower premiums than Gold plans, and their cost-sharing will be adjusted to match more costly options.

Bronze and Catastrophic Coverages are Best for the Young and Healthy

At the affordable end of the premium spectrum are the Bronze and Catastrophic health insurance plans. While inexpensive in terms of premiums, these plans come with high out-of-pocket costs, often with deductibles, as well as out-of-pocket maximums near the highest allowable by regulation. In 2020, this is $8,100 for a single person and $16,200 for a household.

Customers might find the lower premiums very appealing, but keep in mind these plans will typically cover nothing until you have paid thousands of dollars in expenses first.

This could be challenging if you do not have any disposable savings should you find yourself needing moderate medical care. In such an instance, you would effectively pay for the costs yourself. The Bronze and Catastrophic plans help out in situations of significant emergencies where care will cost tens or hundreds of thousands of dollars.

Short-Term Health Insurance in Texas

Texas residents have the choice of buying short-term health insurance plans. Texas follows federal guidelines for this kind of plan, meaning policyholders may buy coverage for one year and renew plans for up to 36 months.

Moreover, a short-term health insurance company will require you to take a medical exam, and you can be denied coverage because of pre-existing conditions.

References and Resources

• Silver Health Insurance Plans
• Out-of-Pocket Expenses