When you buy a health insurance plan in Texas, you need to do a good amount of groundwork and thoroughly examine whether the policy you choose is suitable to your health cover requirements and budget.
You need to understand the pricing and the health cover benefits outlined in the coverage specification document. The objective is to land on a policy that gives you the most important coverage for the most affordable premium.
There are a few things you need to research while buying a health insurance plan in Texas. Study the history of the health insurance carrier thoroughly including their financial status, claim settlement procedures and history and some online reviews about the firm you want to buy the policy from. There are some reputed financial rating organizations like A.M. Best, Moody’s or Standard & Poor’s which can offer the required information in this regard and help compare between various insurance carriers. First and foremost, you need to find out whether the insurance carrier you consider is licensed to issue a health insurance policy in Texas. You can do this by contacting TDI, Texas Department Of Insurance, which is the regulatory body for the insurance business happening in the State. Their official website features the complete information about all the insurance carriers licensed to sell health insurance policies in the state including their history. You can also consult your friends, associates and healthcare providers to know more about the carriers.
There are a number of things that you need to consider while buying a health insurance plan in Texas. Some of them include how the deductibles are applied in case of families, is your doctor or hospital covered in the preferred providers network approved by the plan, is there any limitation on office visit co-pays, the details about the policys prescription formulary, and how long the policy had been marketed in Texas.
Once you deem a policy as suitable to your requirements, you need to complete the application with correct information. Application is a sort of contract between the insurance carrier and the insured and this is the basis on which the carrier makes the decision regarding underwriting. If the information provided is false or inaccurate, the carrier is free to terminate the policy within the first two years of the policy. The information you provide should also be detailed and should include all the pre-existing conditions. You need to include accurate dates, healthcare provider information, diagnostic procedures undergone and the treatments given. Once you complete the application, check it twice or thrice for accuracy and sign it. The first premium needs to be paid along with the application payable to the insurance carrier.
Once the application is processed, the insurance carrier will announce a 10-day free look provision when you will be informed the changes made in the coverage options and premiums based on the scrutiny of your application. During this period, you are free to accept or deny the policy and if you deny, the premium you paid will be refunded in full.
Unlike the case of employer sponsored health insurance plans, independently purchased plans are always expensive. If you feel the premiums are unaffordable to you, you can always work on some aspects to decrease the premiums. For instance, increasing the deductibles and dropping some coverage options will help you reduce the premiums. However, if you feel the coverage does not provide you enough relief, then you may consider different policies or different insurance carriers.