Texas Health Insurance Is Required
Obamacare, otherwise known as the Affordable Care Act, requires all U.S. residents to have an active health insurance policy as of 2014. This means that if you live in Texas and you do not have a qualified health plan with "minimum essential coverage”, you will be required to pay a penalty of $695 or 2.5% of your income - whichever is higher - to be paid when you file your 2016 federal tax return.
Don’t Have Qualifying Health Coverage?
The open enrollment deadline for 2016 health insurance ended January 31, 2016. If you did not get health insurance coverage during the enrollment period, you may be able to begin or update your coverage and decrease your penalty if you have had a Qualifying Life Event. Qualifying Life Events allow for a Special Enrollment Period that starts 60 days before the event and extends to 60 days after.
Qualifying Life Event categories:
- Loss of health coverage
- Change in household size
- Change in residence
- Exceptional circumstances
See more details about Qualifying Life Events and Special Enrollment Period.
Have more questions about qualifying life events? Talk with an advisor (888) 482-5844.
2017 Open Enrollment for Texas Health Insurance
We are quickly approaching the open enrollment period for 2017 Texas health insurance, which is November 1, 2016 to January 31, 2017. The 2017 penalty for not having health insurance coverage during 2017 will be a bit different than 2016. The 2.5% of income percentage fee will remain and the $695 flat fee will be adjusted for inflation; as in 2016, you will pay whichever of the two amounts is higher.
Affordable Texas Health Insurance Options
There are many options for buying affordable Texas health insurance. The option that fits you best and is most affordable should be made based upon your current finances, financial goals, employment, age, marital status, children, health conditions, and planned or anticipated life events and medical needs. There are many affordable health insurance options in both the private and public health insurance arenas. The most common of these insurance types, plans, and FAQs are outlined below. Choose which area of Texas health insurance that you’d like to learn more about and click for more information.
Texas Private Health Insurance Options
In 2015, 62% of Texans chose to buy private health insurance plans. These plans were likely purchased through employer-sponsored, individual, self-employed, or short-term health insurance policies. With so many opting for Texas private health insurance policies instead of public health insurance, it probably makes you wonder, "what is the best health insurance choice for me?"
Explore your policy options for Texas private health insurance:
Want to learn more about different private health insurance plan types? We will talk you through the difference between PPO and HMO plans, along with their pros and cons. Ever heard of an EPO or POS plan? We discuss those too. We also cover FSA, HSA, Flexible Benefits Plans, and Medical Savings Accounts (MSA), the pros and cons of each kind of plan, and why you would want to choose one over the other.
Learn more about Texas Private Health Insurance Plans.
Related Links
Texas Public Health Insurance Programs
Learn more about Texas Public Health Insurance Programs.
Get a Texas Health Insurance Quote Now.
Texas Health Insurance Marketplaces and Exchanges
The terms Marketplaces and Exchanges can be confusing. One of the reasons for this is the terms marketplace and exchange are used in both private and public health insurance conversations. Additionally, the public or federal exchange and the private exchange have many different coverage options, rates, premiums, and cost savings. Check out our page on Texas health insurance marketplaces and exchanges to answer common questions like:
- What are health insurance marketplaces and exchanges?
- What are Private Exchanges?
- What are Public Exchanges?
- What is the difference between private exchanges and public exchanges in Texas?
Learn More About Texas Health Insurance Marketplaces and Exchanges.
