Health Insurance Plans in Texas

Ten health insurance companies in Texas used to offer policies on the state exchange. That number has dropped to eight, and BlueCross and BlueShield is the only company that offers plans in each county. These companies offer Catastrophic, Bronze, Expanded Bronze, Silver, and Gold tier plans. Texans often choose Silver plans when purchasing policies. While availability depends on your location, the cheapest Silver plans come from Molina Healthcare of Texas, Oscar Health, and Celtic Insurance Company (Ambetter). Before you purchase a policy, learn more about the cheapest plans for each tier and your coverage options.

Cheap Health Insurance Plans in Texas by Metal Tier

It is easy to find cheap health insurance in Texas. Many companies offer affordable policies for each metal tier. Go over the cheapest plans by metal tier before buying a policy. These quotes are based on an average 40-year-old Texas resident.

Simple Secure is the cheapest of the Catastrophic health insurance plans in Texas. This plan has a monthly premium of $191, and the deductible and the out-of-pocket maximum are $7,350.

If you want a Bronze plan, the Simple Bronze plan is the cheapest. The monthly premium is $256, and the deductible and the out-of-pocket maximum are $7,350.

You can also get an Expanded Bronze plan in Texas. Molina Marketplace Choice Bronze Plan has a monthly premium of $256, making it the most affordable. The deductible is $6,400, and the out-of-pocket maximum is $7,350.

Ambetter Balanced Care 5 is the cheapest Silver plan, with a monthly premium of $295. The deductible and the out-of-pocket maximum are $7,350.

Finally, you can get a Gold plan in Texas. Ambetter Secure Care 1 with 3 Free PCP Visits is the most affordable. It has a monthly premium of $342, a deductible of $1,000, and an out-of-pocket maximum of $6,350.

While these are the cheapest plans, the amount you pay is also based on your age. If you are 21 years old, you can expect to pay 28 percent less than a 40-year-old for coverage. If you are 60 years old, you can expect to pay 53 percent more than a 40-year-old for coverage.

Choosing Health Insurance Plans in Texas

If you’re looking for cheap health insurance in Texas, get educated on the metal tiers before buying a policy.  Going with the lowest premium you can find may be tempting, but depending on your health care needs may not be your most affordable option. You need to consider out-of-pocket costs before buying a policy.

Gold Plans – Ideal for High Medical Costs

If you have a lot of medical needs, high out-of-pocket costs are a financial burden. While the premiums for Gold plans are significantly higher than the other tiers, the lower out-of-pocket costs make these plans the most affordable option for those with lots of health care needs. These plans have lower deductibles, coinsurance, and copays, and make everything from doctor’s visits to prescription drugs more affordable.

Silver Plans – Ideal for Average Medical Costs and Low Incomes

Silver plans offer the perfect balance between high-tier and low-tier plans. The premiums and out-of-pocket costs sit in the middle of the tier, making them a good fit for people of average health. Because of that, these are the most popular health insurance plans in Texas.

Low-income households should also consider Silver plans. If your income falls below 250 percent of the federal poverty level, you will qualify for a cost-sharing reduction subsidy. The subsidy will go toward your out-of-pocket costs, lowering them significantly. In fact, your out-of-pocket expenses will be less than they would with a Gold plan if you qualify for a subsidy.

Catastrophic and Bronze Plans – Ideal for Healthy, Young People

People who want cheap health insurance in Texas are often drawn to Catastrophic and Bronze plans because of the low premiums. The high out-of-pocket costs can be prohibitive, though. People typically have to pay thousands of dollars before the coverage kicks in. Out-of-pocket costs are limited to $7,900 for individuals, but even with the limit, it’s easy to get in over your head with a Bronze or Catastrophic plan.

That doesn’t mean these plans aren’t a good fit for anyone. Young, healthy people who rarely use their insurance can benefit from them, but it’s critical to have enough money in savings to cover medical emergencies. At a minimum, you need to have enough to pay the out-of-pocket expenses if the need arises. If you don’t, you might avoid going to the doctor for a medical emergency, or if you do go to the doctor, you could end up thousands of dollars in debt. If you don’t have the money saved, consider a Silver plan instead.

Short-term Health Insurance in Texas

If you missed the Open Enrollment Period or have recently lost your employer-sponsored coverage, you might be interested in short-term health insurance in Texas. These policies can only be issued for up to a year, although you can renew your policy for up to 36 months. You have to purchase short-term insurance off the state marketplace.

Short-term health insurance in Texas does not meet the Affordable Healthcare Act’s guidelines. You can be turned down due to a pre-existing condition, and if you do get approved, your policy won’t cover many essential needs. For example, these policies don’t cover prescription drugs or mental health services. While a short-term policy can help you temporarily, these policies are not an adequate replacement for permanent coverage.

Get Help Comparing Health Insurance Plans in Texas

Are you confused when looking at the different health insurance plans in Texas? You know you need coverage, but you aren’t certain which metal tier is right for you or how to find the most affordable policy that meets your insurance needs. Instead of handling this on your own, call 1-888-497-1683 to speak to a licensed insurance agent. The agent will walk you through the entire process and help you select the right policy.