Health Insurance Providers Propose to Raise Rates in 2016
Texans took to the streets in jovial demonstrations when the Supreme Court upheld the subsidies in the Affordable Care Act. However, the celebrations could come to a screeching halt, as health insurance Texas providers are proposing hefty rate increases ahead of 2016. Flowing the ruling in June, many of the largest players in the health insurance Texas market, began advocating for hefty increases on their 2016 plans. The reasons for the proposed hike include the rise in drug prices and medical care in general. The insurance players also say that they had greatly underestimated the cost of insuring new patients. The proposed increase could see Texans pay more than 30 percent in the New Year.
Proposed raises set to affect some but not all health insurance Texas plans
Ben Gonzalez speaking on behalf of the Texas department of insurance assured the public that not all plans would be affected by the raise. During the previous year, the average increases were between 10 and 20 percent. Many of the proposals being made for the New Year indicate a raise of 20 to 30 percent. Regulations under the Affordable Care Act provide that any proposed increase of more than 10 percent for individual and small group plans must be publicly requested. The agency made this request in June. However, this was overshadowed because the focus of many citizens was on the Supreme Court ruling. The good news is that the Affordable Act Care is here to stay. In light of this, consumers will have to source for new health insurance Texas plans that fit their budget.
What does health insurance Texas cover?
Health insurance policies may differ when it comes to pre-existing conditions, however, health insurance Texas plans should offer:
• Emergency and hospitalization services
• Lab services
• Prescription drugs
• Ambulance patient services
• New born and maternity care
• Chronic disease management
• Free wellness and preventative services
• Pediatric services
• Vision and dental care services
Patients are required to meet the deductibles before the insurance provider pays for the health care services provided.
Health insurance Texas legislation
According to the Affordable Care Act, US citizens are expected to have a health insurance plan. The penalty for not having health cover is expected to go up in 2016. The law provides that essential health coverage can be obtained through an employer. There are instances when an individual may be exempted from having health insurance in Texas, among them;
• When a person is not required to pay taxes because they fall below the tax filing threshold
• When one is a member of a tribe that is federally recognized
• When health insurance coverage is unaffordable (amounts exceeding 8 percent of one’s household income).
Health insurance Texas options
There are basically four types of health insurance Texas plans in the market: platinum, gold, silver and bronze. These plans all have different premium charges and deductibles. There are many health insurance Texas providers and consumers have the opportunity to compare them side by side.
Planning Ahead for health insurance Texas
In the wake of the proposed increase in health insurance Texas plans, consumers will need to plan for next year. Those who had enrolled for health coverage in 2015 will have the automatic enrollment option. This means that they can stick their old plan provided it will be offered in 2016. Overall, consumers will have to review the eligible health insurance Texas plans and chose a plan that suits their needs.