Buying Medical Insurance in Texas
The world of insurance isn’t all that simple and oftentimes, people find themselves at a loss when considering all the factors that come into play when buying medical insurance in Texas. The most confusing of all facets of the insurance buying process is the selection of the type of plan. When choosing your plan, you should consider the minimum required coverage in your locality and the coverage that you will get with the plan you choose.
Medical and Hospital Plans for Medical Insurance in Texas
- Major Medical Coverage – Major medical coverage refers to insurance plans that will pay for the expenses of both inpatient and outpatient services that an individual avails of. Usually, major medical insurance in Texas coverage falls under the bounds of the minimum required coverage, so individuals with this type of plan need not worry about having to pay federal tax penalties.
- Basic Hospital-Surgical Expense Coverage – This is a less comprehensive insurance coverage that pays only for the services an individual avails of as an inpatient case. The cost of surgery, doctors’ services, treatments, and any other services received after a person is admitted into the hospital are included in the coverage, however this might not always meet local government standards in terms of minimum coverage.
- Short Term Coverage – From the name itself, short term coverage is an insurance policy that does not span a very lengthy period of time. This is particularly ideal for people who are currently in between jobs. If for example you left your previous employment and are in search of a new job opportunity, you might be without your group insurance coverage. That said, a person can avail of short term coverage to answer for any medical expenses they might incur during the time that they are without insurance. This means a short term coverage could be as extensive as a major medical coverage or as limited as basic hospital surgical expense coverage, depending on what the individual sees as necessary.
- Limited Purpose Indemnity Plans – These plans are only applicable for certain situations and never satisfy the parameters of the minimum required coverage. If you’re buying medical insurance in Texas and are considering settling with this type of coverage, you should be prepared to pay some sort of federal tax penalty as these insurance policies will only answer for very specific scenarios and are not considered sufficient insurance policies.