Analyzing Texas Health Insurance Schemes

Are you pondering how to buy a Texas Health Insurance policy? Even experts believe that health insurance policies are complicated. According to a recent survey on Fortune 100 companies, more than 80% of their employees handpick healthcare plans that cost them more than what other options would have. They make wrong decisions and end up paying lots of money every year. With this being said, how will you choose the right Texas Health Insurance scheme? Here are simple ways to evaluate your options at and make the right decision.

Ask the Doctor

First of all, you should verify if your doctor accepts the Texas Health Insurance plan. This is a very important question to be asked. That is because; insurance plans direct participants to a specific group of doctors and hospitals. Insurers negotiate and offer discounts to all those on their way. These policies may not be accepted in all medical facilities. To make the most out of your health insurance plan, you should be aware of the so-called network. If your medical service provider has an agreement with the insurance company, you will be offered many financial benefits. Else, you will end up paying out of your pocket.

Ask Your Self

Secondly, you should evaluate your healthcare requirements. Before you handpick an insurance policy, understand your typical medical expenditure every month. You can use your existing medical claims and bills to understand this figure. Also, check the amount of money you spend from your pocket. Here are two important questions to ask during this analysis:

  • What is your current deductible?
  • Do you reach this deductible last year?

If you reach the deductible, you will be asked to pay a co-insurance or co-pay. These payments are flat figures that range between 20 USD and 40 USD per healthcare visit. The best (and worst) thing about low monthly premiums is high deductible. You will be able to play safe as long as you don’t hit the deductible.


The Calculation

Finally, you should weigh the rewards and the risks. Try to compare plans based on the following equation: multiply the premium (monthly) by 12 and add your out-of-pocket cost. This is total amount you are bound to spend during a medical crisis. If an insurance policy can cover this figure completely, go ahead and opt for it. Meanwhile, keep the premiums and deductibles in mind. Do the math properly – you will be financially safe even when you fall sick.