affordable coverage can be a challenge : Rebecca Hertz
By: Health Insurance
Submitted: 2009-08-13 15:15:18 | Word Count: 477
in this uncertain economy with rising unemployment, maintaining health insurance coverage is a challenge. Often individuals don't know where to begin when attempting to navigate the uncertain and confusing terrain of the health coverage world.
According to the United Health Foundation rankings of healthiest states, 24.9 percent of the population in Texas is uninsured, compared with 18 percent nationwide. The state fell nine spots from 37th in 2007 to 46th in 2008. Only 50.1 percent of Texas employers offer health insurance to employees.
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While the most economical choice for access to health insurance is through an employers plan, there are alternatives if that is not possible. Some employers offer health benefits to employees but dependent coverage is either too costly or not offered at all. An individual policy may be the most affordable alternative for covering dependents. For children's coverage, review program requirements for Medicaid and the Children's Heath Insurance Program (CHIP) as low cost options. Information on these programs is available at www.chipmedicaid.org.
When shopping for health coverage, consider your previous health insurance usage. You want a plan that fits your health needs as well as your budget. The amount of the deductible makes a big difference in the monthly premium.
Most major carriers offer individual plans. These plans can be costly and rely on your past medical history going back as many as five years, in determining insurability. Typically, employer plans review the previous six months. The waiting period for any exclusion to be covered can be up to two years for individual insurance plans in Texas. Carriers may deny coverage because of health status or offer a plan at an increased rate. Individual plan options include health maintenance organization (HMO), major medical, hospital surgical policies, hospital indemnity, specified disease and short-term plans.
Health savings accounts are portable savings accounts where money is set aside for health care, tax-free. To qualify for an HSA, you must have a high deductible health insurance plan. You cannot have any other health insurance, be enrolled in Medicare or be claimed as a dependent on someone else's tax return. The account balance rolls over year to year, unlike the "use it or lose it" flexible spending accounts. Contributions to the plan are pretax.
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